New rental housing is rising from a long-vacant lot in Hollywood.

The multifamily residential development, located at the southeast corner of Western and Fountain Avenues, will consist of a six-story edifice featuring 49 apartments above a two-level subterranean parking structure.

City records indicate that the podium-type building is being designed by Glendale-based architecture firm Uriu & Associates.

Wiseman Residential, the developer of the project, previously received entitlements for a larger 75-unit apartment building at the same site.

The property is located one block south of the intersection of Western and Sunset Boulevard, dominated by a long-stalled Target store which was recently cleared to resume construction.

Large apartment complexes with street-level retail space are also planned at the northwest and southeast corners of the same intersection.