A Santa Monica-based real estate investment firm has announced plans to build a new high-rise development in Hollywood.
The proposed development, filed yesterday with the City of Los Angeles by Artisan Realty Advisors, would replace an L-shaped parking lot at the southwest corner of Selma and Ivar Avenues. Plans call for the construction of a 23-story building featuring 290 residential units - including 29 to be set aside for extremely low-income households - and 6,576 square feet of ground-floor commercial space. Parking would be located on five levels, three of which would be located below ground.
The Artisan Hollywood tower, designed by Gensler, would be wrapped with cantilevered balconies. A rendering also shows a three-story podium structure fronting Selma Avenue.
A timeline for the project has not been announced.
Artisan Realty acquired the 71,000-square-foot project site last year for $61 million. The property also includes a several 1920s retail buildings which are currently leased by businesses such as Urban Outfitters and Umami Burger. Those structures, which were renovated in 2007, are to be retained.
The project site is located at the center of a booming section of Hollywood, with numerous office, residential, and hotel projects now in progress nearby.
One block east at Selma and Vine Street, developer J.H. Snyder Co. completed an eight-story, 115,000-square-foot office building in 2017.
Artisan is one of a handful of developers to tap Transit Oriented Communities affordable housing incentives for high-rise projects. The incentive program, a popular tool for residential developers, is also being used for a proposed 32-story building in Koreatown and a 24-story tower in Westlake.
- Hollywood (Urbanize LA)