Tiger West Capital founder Daniel Farasat, and Melrose Crossing rendering
Developers in Los Angeles must be enjoying some time away from the office.
City officials approved permits for 303,000 square feet of new construction in July, a precipitous drop from the 3.25 million square feet they approved last month.
Compared with June’s multifamily sweep, July saw some mixed-use sites in the pipeline, along with a medical office and hotel project secure approvals.
The Real Deal analyzed permits within the L.A. city limits. They are ranked by their dollar-valuation by the Department of Building and Safety.
1. 901 N. Vine Street | $16 million
An LLC named Vine Equity Capital controlled by Massoud Shabahan & Reza Amin received approval to build 74,215 square feet at 901 N. Vine Street. The permit, which is valued at $16 million, will go toward building a five-story, mixed-use project with 70 apartments above ground-floor commercial space. The developers are also requesting a density bonus for the Hollywood site, which is being designed by Plus Architects.
2. Tarzana Medical Atrium | $15.46 million
A Seattle-based firm secured a $15.46 million permit to build 92,620 square feet at 5411 N. Etiwanda Avenue in Tarzana. The entity, Renton LLC, filed for the permits, and tapped Boulder Associates to design the new three-story medical office. Millie & Severson is the general contractor for the project. Medical Asset Management, a brokerage that focuses on medical offices, is also tied to Renton LLC.
3. Melrose Crossing | $11.75 million
Tiger West Capital, a real estate investment firm based in Hancock Park, gained approval to build 46,800 square feet at 645 N. Sycamore Avenue in Hollywood. With the permit, valued at $11.75 million, the firm is hoping to advance on its proposed mixed-use project at the site. Designed by Vanos Architects, the project is slated to include 40 apartment units, a roof deck, restaurants and three levels of underground parking. Hy-Max Building Corp. is the contractor.
4. Hampton Inn by Hilton | $9.3 million
Amit Patel, an individual based in Cerritos, secured a $9.3 million permit to build a new, four-story Hampton Inn hotel. The project, filed through an LLC named Aishan, will rise at 2405 E. Pomeroy Avenue in Boyle Heights. Mid-Cities Engineering is building and designing the project. It’s expected to include 81 guest rooms, a restaurant and a parking garage.
5. 15230 W. Parthenia Street | $8.5 million
Healthcare executive Al Leibovic got approval to build a multifamily project at 15230 W. Parthenia Street in North Hills. Leibovic, the chairman and former president of Health Advocates, a private healthcare finance company in Sherman Oaks, first filed a proposal in October 2014 to build 41 units. He then filed another proposal for 75 units in 2016. City officials, however, approved his plans for 41 units in a four-story apartment. GNL Development is building the project, which is being designed by G.A. Engineering.
Powered by WPeMatico