CGI Strategies is moving ahead with plans for another multifamily development project in Los Angeles, this one in Hollywood.
An entity tied to the Woodland Hills-based firm filed plans to build an 86-unit apartment building at 1818-1824 N. Cherokee Avenue, property records show. Twenty-one units would be reserved for “very low income” residents. The 80-foot-tall building would have 61 parking spaces and 10,500 square of open space. An existing parking lot would be demolished to make way for the complex.
CGI founder and president Gidi Cohen manages the entity, Cherokee Bliss LLC, which is named in the filing. It picked up the development site for $1.75 million in December. CGI did not immediately return a request for comment.
The site is eligible for entitlements through the city’s Transit Oriented Communities program. The TOC program provides entitlements for projects near transit, allowing developers to increase the project size in exchange for setting aside a certain percentage below market rate.
CGI has a rolling list of projects in various stages. In mid-March, it secured around $48 million in construction financing for its 200-unit development in Koreatown.
And in the fall, the firm sold a recently completed 60-unit development in Koreatown for $30 million.