The faux French-Normandy style Hollywood Tower apartment building in Hollywood, a familiar sight to drivers on the Hollywood Freeway, has been sold for $34.5 million to a Phoenix landlord that plans to build more units next to it, the Los Angeles Times reports.

“It has been a major landmark since it was built,” Hollywood historian Marc Wanamaker said. “Even before the freeway, it was a landmark on that hill.”

The tower at 6200 Franklin Ave. is listed on the National Register of Historic Places and is often cited as an inspiration for the Twilight Zone Tower of Terror ride at Disney theme parks.

The building was sold by Los Angeles real estate investor Jack Dell, who said it still attracted the Hollywood crowd. “It has bachelor and single units that people who first come to town are often looking for, and it’s close to the studios,” he said.

The buyer, Alliance Residential Co., plans to renovate the 52-unit building, which includes three penthouses, and build an additional 146 units on adjacent land that was part of the deal, said real estate broker Adrienne Barr of CB Richard Ellis Group.

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