Miami-based the Estate Cos. could build an apartment tower on city-owned land along Young Circle in Hollywood.
The city’s Technical Advisory Committee will consider plans for Soleste La Piazza at 1845 Hollywood Blvd. on April 3. The application concerning the 1.01-acre site was filed by 1845 Young Circle Holdings LLC, an affiliate of the Estate Cos.
The property, which is on the west side of the arts park at Young Circle, is owned by the Hollywood Community Redevelopment Agency (CRA) and currently has a mixed-use building with 21 residential units and some ground-floor commercial space. It was built in 2000.
Raelin Storey, director of communication, marketing and economic development for Hollywood, explained that the CRA signed a 99-year land lease for the property and there are about 65 years left on it. The tenant agreed to assign the lease to the Estate Cos., she said. Then, the Estate Cos. offered to purchase the land from the CRA. The city posted a public “notice of opportunity” for a competing proposal to buy and redevelop the property, but it received no responses, she said.
Earlier in March, the CRA Board agreed to sell the property to the Estate Cos. for $1.5 million, Storey said.
“The city currently gets $156,000 in property taxes from this site and this development would generate close to $2 million,” Storey said.
Officials with the Estate Cos. declined comment.
Soleste La Piazza would rise 22 stories, with 371 apartments, 7,000 square feet of commercial space, 1,700 square feet of offices and 476 parking spaces. The amenity deck on the 10th floor would include a pool, a lounge, a gym, a game room, a yoga room, and a spa.
The apartments would range from 404 to 1,605 square feet. There would be 53 studio apartments, 196 one-bedroom units, 109 two-bedroom units, and 13 three-bedroom units.
South Miami-based Form Group is the architect and attorney Debbie Orshefsky represents the developer in the application.
“Street level features include and articulated ground level façade which starts at the main tower on the northeast corner and follows along with large windows and recessed openings along the Young Circle main façade,” the developer stated in the application. “This implied colonnade will create a very vibrant pedestrian realm where visitors will be able to enjoy the commercial uses and connect to other buildings along the circle.”
There’s been a development boom in eastern Hollywood in recent years as more people move to the city and builders capitalize on the increased density permitted in the area. In fact, this would be the fourth apartment complex in Hollywood for the Estate Cos. It broke ground on Soleste Hollywood Boulevard in June and it obtained approval for two apartment buildings, Soleste Hollywood Village North and South, on Van Buren Street in October.
March 2023. South Florida Business Journal.