LOS ANGELES-Urban Holdings, a managing member of Urban Eco Housing LLC, has begun renovations on a 104-unit residential and retail property at 1963 N. Cahuenga Blvd. that was built in 1925. The property, in the historic Whitley Heights neighborhood, features six ground-floor retail and commercial spaces totaling 8,000 sf, with parking that serves the retail as well.

Urban purchased the historic property for approximately $6 million in July 2005, making minor renovations to the 104 apartment units following the acquisition. Its new program includes extensive upgrades to the property's common areas, plumbing and electrical systems, along with improvements to the commercial space.

The commercial space is undergoing a complete rehabilitation, including the addition of lifestyle conveniences and amenities such as a yoga studio, a regional coffee franchise and neighborhood retail services. The project is slated for completion in approximately 18 months.

The Whitley Heights neighborhood, north of Franklin Avenue between Highland Avenue on the west and Cahuenga Boulevard on the east, was a favorite haunt of stars from the silent film era. Today it is a Los Angeles historic preservation overlay zone, a designation designed to preserve its historic character.

According to Scott Chaplan, CEO of Urban Eco Housing and the managing member of Chateau Hollywood, LLC, the owner of the property, the Whitley Heights location makes the property a good investment both from an economic perspective and for its historic significance.

Urban Eco Housing specializes in projects like the 1963 N. Cahuenga building. The company is one of a number of investors and developers who have spent considerable time and money in recent years renovating and restoring 1920s- and 1930s-era multifamily properties in Hollywood, the Mid-Wilshire district and other parts of Los Angeles.