Kimco Realty Corporation advanced plans to build an eight-story apartment building with 280 units at its Oakwood Plaza shopping center in Hollywood.
The Hollywood City Commission on Wednesday approved Kimco’s design and site plan for the multifamily development, part of the company’s master plan to redevelop the 1990s-era shopping center as a mixed-use property.
In 2023, the Hollywood City Commission rezoned Oakwood Plaza and approved a master plan to redevelop the shopping center, which has 845,000 square feet of retail space.
Now, Kimco has 24 months to obtain building permits for the development on a vacant, 8.2-acre site at 2800 Oakwood Boulevard before the design and site plan approval expires.
The apartment development site is north of Oakwood Hills Park, south of a six-story La Quinta hotel, west of a lake, and east of property formerly occupied by a movie theater.
The 280-unit apartment building would have 233,198 square feet of leasable residential floor area, which equates to an average of 833 square feet per apartment. The development would have a parking garage with 353 spaces, and outdoor amenities that include a swimming pool, a courtyard and pedestrian plazas.
Jericho, New York-based Kimco, led by CEO Conor C. Flynn, launched its redevelopment of Oakwood Plaza by demolishing a movie theater on the south side of the shopping center to make way for a Dick’s Sporting Goods store.
Kimco demolished the movie theater and nearby parking lots at 3800 Oakwood Boulevard earlier this year after the company’s lease agreement with Regal Cinemas expired and the Hollywood City Commission approved a site plan for the Dick’s Sporting Goods store, which will span 120,000 square feet.
Kimco, a real estate investment trust, plans to redevelop Oakwood Plaza over a 30-year period as other commercial leases expire. The shopping center’s three largest tenants are Home Depot, City Furniture and BJ’s Wholesale Club, which collectively occupy a total of 377,295 square feet, according to Kimco’s website. Oakwood Plaza has about 33,000 square feet of retail space available to lease, according to Kimco’s websiteOakwood Plaza is across Stirling Road from Kimco’s Dania Pointe, a 102-acre, mixed-use property with more than 740,000 square feet of retail and restaurant space in addition to apartments, hotels and offices.
