CGI+, a Los Angeles-based real estate investment firm, is planning to revitalize a site at the corner of Franklin Avenue and Cahuenga Boulevard with more residential space. According to a proposal submitted by the firm late last week, CGI+ is proposing a 20-story development with 244 apartment units.
The project site is located at 6406, 6420 West Franklin Ave. and 1830, 1832, 1838 North Cahuenga Blvd. The Site consists of 15 adjoining parcels with street frontage on Franklin Avenue to the north and Cahuenga Boulevard to the west. The site is currently developed with a two-story building that contains 24 apartment units and another two-story building that contains 21 apartment units. A surface parking lot is also located at the northwest corner of the site.
According to project plans, the project would retain the 21-unit, while relocating the other existing building to another site. In its place, a new mixed-use building with 223 dwelling units would be developed. This building, which features designs from AC Martin, would feature 27 units for very low income households, 19,837 square feet of new commercial space located on the ground floor and 20th level. In addition, 282 parking spaces would be developed.
The ground level of the new building will feature 11,979 square feet of commercial space along Cahuenga and Franklin, accompanied by lobbies for both commercial and residential access.
The 20th level includes a residential roof deck and 7,858 square feet of commercial space that could accommodate a restaurant. The future restaurant space would include an exterior deck with outdoor dining and lounge areas. In addition, the project would provide 146 residential bicycle parking spaces and 20 commercial bicycle parking spaces.
Overall, the project provides 23,073 square feet of open space amenities, including 11,050 square feet of private balcony space. Other amenity spaces include an outdoor resident terrace, a pool deck, a resident roof deck and 2,884 square feet of landscaped area.
In February 2021, CGI+ announced its plans for the project site, which at the time included approximately 222 units in a 22-story building with just 18,500 SF of retail space. At that time, the firm also announced an anticipated groundbreaking for the middle of 2025 with completion set for 2027.
Founded in 2013 by Gidi Cohen, the firm now owns and/or manages a diverse portfolio of multifamily properties. The firm has made a number of investments within the Los Angeles market, with its current portfolio consisting of more than a dozen sites around the city, according to its website.
