The Hollywood Planning and Development Board Thursday approved the design and site plan for Monroe Residences, a five-story, 40-unit condominium near downtown.
The developer, Gusmell, LLC, is led by Ricardo Grinberg and Eduardo Jakubowicz. The project, at 1840 and 1850 Monroe Street, marks their first development in Hollywood.
The site is currently home to multiple buildings with a total of nine residential units.
The proposed development will have four three-bedroom units, 16 two-bedroom units and 20 one-bedroom units. The condos will be moderately-priced, Grinberg said. A two-bedroom unit will cost roughly $350,000, he said.
Amenities will include rooftop green space, access-controlled parking with 44 spaces, a pool, a gym and a barbecue and picnic area.
Grinberg said the Hollywood project will cost about $7 million to develop, including construction and land costs. While the partnership may seek financing later on, he said that he and Jakubowicz hope to begin construction with their own funds by September of this year. He said he and his partner have 15 reservations for units so far.
Gusmell, LLC, paid $492,500 for 1840 Monroe in 2007 and $160,000 for 1850 Monroe in last year.