Construction started on an eight-story, 200-unit residential development at 1522-1538 Cassil Place in Hollywood by developer Bond Companies, which a city spokesperson corroborated is the first city-approved Los Angeles project to utilize Opportunity Zone tax breaks. The project is expected to cost roughly $100 million, and it is slated for 2021 completion.
The project, located at 1363 W. Colton Street, will stand seven stories upon completion, featuring 47 studio, one-, and two-bedroom apartments and parking for 25 vehicles.
The Chicago-based development and investment firm filed plans for the building – with a maximum potential size of about 102,000 square feet – at 1140 West Erie Street, according to a zoning application. The lot spans about 20,000 square feet.
Zoning proposals for six large-scale projects in neighborhoods just west and northwest of downtown were submitted Wednesday to the City Council, indicating an active construction market here despite worries about a slowdown.