A stalled project to transform a vacant lot near the 101 Freeway into a multifamily complex is finally moving forward under a new owner.
Wood Partners, an Atlanta-based multifamily developer, paid $23 million to acquire the 1.1-acre parcel at 5750 Hollywood Boulevard, The Real Deal has learned.
The Hollywood complex, which had been in the works since 2015, is slated to include 161 apartments, 14 of which will be dedicated for low-income residents. There will also be 5,700 square feet of commercial space and a parking lot with space for 271 vehicles.
Michael Schlesinger, founder and principal of Cambra Realty, was the seller. The deal closed June 6.
Wood Partners is now gearing up for construction of a seven-story residential building at the property, the company announced Tuesday.
Amenities at the Carrier Johnson + Culture-designed building will include a roof deck, gym and courtyards, according to a statement.
Construction is expected to break ground in the next two weeks, with an expected completion date in 2020.
The project was originally entitled for 162 units, with an Environmental Impact Report first circulating in January 2015, sources said.
Wood Partners also developed The Fifty Five Fifty, another multifamily project located blocks away at 5550 Hollywood Boulevard. The company currently owns 70 properties, combining for over 20,000 units nationwide.