What to do when you want to build a 20-story residential tower on the site of a century-old apartment complex in Hollywood? For CGI+, the answer is to move the historic building three miles.
The Century City-based developer has filed for a permit to move the 24-unit, Mediterranean-style complex from 1830 North Cahuenga Boulevard to 4853-4857 Melrose Avenue in East Hollywood, Urbanize Los Angeles reported.
The 1920s building would be replaced by a 244-unit highrise at Cahuenga and Franklin Avenue.
Following the move, the sage-colored apartments would still have two dozen units, of which three would be set aside as affordable for very low-income households.
The affordable component would make the project eligible for a density bonus that allows more housing than otherwise permitted by local zoning rules.
The restoration project, designed by Downtown-L.A.-based Architectural Resources Group, would include apartments from 210 to 392 square feet. The building, set on nearly a third-acre, would retain its original look and color. A schedule for the relocation was not disclosed.
The apartment building, last renovated in the 1970s, was bought by Capital Foresight Limited Partnership in 2020 for $6 million, or $250,000 per unit.
In 2021, Capital Foresight struck a joint venture agreement with CGI, led by Gidi Cohen.
Plans call for the apartments on a quarter acre to be replaced by a 20-story, 244-unit tower with nearly 20,000 square feet of shops and restaurants.
The white highrise, designed by Downtown-based AC Martin, would have layers of balconies and gothic-style arches top and bottom, according to a rendering. It would include a rooftop terrace, courtyard and a pool.
Pending approvals, CGI+ said it could break ground in 2025 and complete the project in 2027.
Cohen, a longtime developer and Israeli military veteran, founded the company formally known as CGI+ Real Estate Investment Strategies in 2013.
CGI+ owns more than a dozen properties across Los Angeles, including an apartment complex on La Brea Avenue. The firm also developed Mariposa, a 122-unit apartment building in Koreatown that listed in 2021 for $79.5 million.
— Dana Bartholomew
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