Six months after shelling out more than $53 million to purchase Hollywood's Security Bank Building, Onni Group has filed plans with the City of Los Angeles to redevelop an adjoining property with offices.
The six-story building, completed in the early 1920s, stands at the northeast corner of Hollywood and Cahuenga Boulevards. While the nearly century-old building will be preserved, according to previously published reports, Onni intends to raze two neighboring restaurants and parking lots to make way for the construction of a building containing approximately 210,000 square feet of offices and 6,500 square feet of ground-floor retail uses. Plans also call for parking for 858 vehicles - located on eight below-grade levels and two above-grade levels - to serve the new development and the adjoining building.
The 14-story structure, designed by Solomon Cordwell Buenz, would be wrapped in a glass curtain wall and rise to a maximum height of nearly 233 feet. A seventh-floor setback would be used to create an amenity deck that stands even with the roofline of the Security Bank Building. The upper levels of the tower would cantilever over both the amenity space, and a driveway separating the new and historic construction.
Onni has requested a wide array of entitlements for the project, including a zone change and a master conditional use permit for on-site sale of alcohol.
This is the third Hollywood development for the Vancouver-based real estate firm, following a podium-type apartment complex which broke ground earlier this year on Santa Monica Boulevard, and a proposed 21-story tower on Vine Street.
Onni's other Los Angeles-are projects include a growing collection of Downtown high-rise buildings, a proposed hotel in Glendale, and a mixed-use complex which began construction earlier this year in Downtown Long Beach.
Due in large part to demand for scripted content, Hollywood office space has emerged as a hot commodity in the past five years. Other developers planning large office buildings in the neighborhood include Hudson Pacific Properties and Millennium Partners.
- Hollywood (Urbanize LA)