The 82 year old Cahuenga Apartment Building located at the foot of Whitley Heights has been purchased from it's former owner and will be undergoing an extensive multi-million dollar renovation that will completely update the property from its current condition.
An iconic fixture in the Whitley Heights landscape since its construction in 1925, the five-story facility currently houses 104 apartment units and 6 ground floor commercial spaces. Plans drawn up for the retail/commercial spaces include a coffee house, yoga studio and other retail – most of which are aimed at completion in 2008.
According to Scott Chaplan, the managing member of the building's new owner, the Whitley Heights location makes the property a good investment both from an economic perspective and for its historic significance. Noteworthy is the new owner's interest in increasing income from the property, as the owner cites three commercial billboard spaces from which it hopes to more than triple its revenue.
The building, located at 1963 North Cahuenga Boulevard, was formerly a hotel and had most recently housed theatrical productions and design offices in the lower commercial spaces.