If the project is approved, developer Jeff Greene tells GlobeSt.com he hopes to commence construction this fall or winter at the corner of Highland Avenue and Franklin Avenue. "It's a phenomenal piece of land," Greene tells GlobeSt.com. "Where can you find 194,000 sf of available land literally two blocks from the heart and soul of Hollywood?"

The project, which Greene estimates at between $50 million and $60 million, would consist of condominiums ranging from 1,500-sf to 1,700-sf, as well as a two-story, 10,000-sf retail building. In addition, the development would contain more than 30,000 sf of open space, which is unusual for a Hollywood project, Greene says. "We're going to be doing great landscaping in that area," he adds.

Nadel Architects Inc. has been chosen to design the project. "Rather than creating a traditional Mediterranean-style building, we want to do something more edgy and modern," Dale Yonkin, the firm's executive vice president, tells GlobeSt.com. "Our goal would be to create something notable because of the high visibility of the project," he adds.