Grubb Properties, a North Carolina-based investment and development company with a focus on essential housing, is planning to add 178 apartment units to North Hollywood. According to a proposal submitted to the City of Los Angeles, the Noho Link Apartments would redevelop the Laemmle NoHo 7 theater with plans to have the project completed in 2025.
The project would be located at 5240 N. Lankershim Boulevard would consist of a seven-story building totaling approximately 129,192 square feet. As well as the residential space, the project would provide about 5,000 square feet of retail space and 71 parking spaces.
The project also seeks to utilize Transit Oriented Communities incentives, making 13, or about 10 percent, of the total units designated as affordable housing. According to a brochure on the property from Grubb Properties, the units would average about 712 square feet.
The brochure also shows that Grubb Properties intends to secure Chipotle as an anchor tenant for the ground floor retail space. Chipotle would take approximately 2,000 square feet of the total available space.
The design for the project comes from Urban Architecture Lab and MJS Design Group and would cost about $68.1 million, or about $582,108 to develop.
Located in the North Hollywood Arts District, the project would take shape near various retail and dining amenities. The project site is also adjacent to Kaiser Permanente and walking distance to the North Hollywood Red Line Metro Station.
The property is being developed as part of Grubb Properties’ Link Apartments Opportunity Zone REIT. Announced in February, the Link OZ REIT has over $350 million in assets under management and is designed to provide essential housing across the United States.
Currently, there are 19 Link Apartment communities across the nation, totaling 4,935 units with 16 projects in the pipeline. In California, these include the 70-unit Link Apartments Solana, the 246-unit Link Apartments Kora, the 77-unit Link Apartments Korella and the 153-unit Link Apartments Vine.