Projects under 50 units in North Hollywood, Hollywood, and Koreatown
Developers submitted five proposals for residential projects with under 50 units in Los Angeles last week.
All of the developments are seeking incentives through the city’s Transit Oriented Communities program, which provides density bonuses and other extras for building affordable units near transit stations. Altogether, those projects will create 109 units of housing, as currently planned.
1. 11722 W. Archwood Street | North Hollywood | 37 units
Developer and owner Edgar Zalyan wants to build this five-story building near the intersection of Lankershim Boulevard, which is in an Opportunity Zone. He is seeking a 60 percent increase in density and other TOC incentives and plans to set aside four units for “extremely low-income” renters. Zalyan purchased the property, which now has a single-family home, for $1.2 million in July. The property is in an Opportunity Zone, which provides tax incentives for developers who build projects in designated low-income neighborhoods.
700 N. Highland Avenue | Hollywood | 33 units
Developer Kambiz Hakim is planning a mixed-use building with just under 4,900 square feet of commercial space at the corner of Melrose and Highland avenues. Hakim bought the property in 2013 for $3 million and demolished a gas station there. Hakim will set aside three units for “extremely low-income” renters. Hakim also develops high-end spec homes. He hired designer Joseph Ferrugio to design an 11,000-square-foot mansion in Beverly Hills and listed it for $29.9 million in 2017.
355 S. Kingsley Drive | Koreatown | 19 units
After demolishing a single-family home, the Alameda-based developer for this project plans to build a five-story residential building, depending on a change in zoning. The 19 units are possible because of the property’s Tier 3 status in the TOC program. The higher the tier — 4 is the highest — the greater the available incentives. The developer purchased the site, at the corner of West 4th Street, last August for $1.1 million.
607 N. Manhattan Place | East Hollywood | 10 units
Owner and developer Jason Yap, through Capital Alliance Investment Group LLC, wants to replace a single-family home at the corner of Clinton Street with a six-story apartment building. Yap purchased the property in December 2017. One unit will be set aside for “extremely low-income” renters.
14728 W. Friar Street | Van Nuys | 10 units
Developer Michel Welter purchased this site in December 2017 for $485,000. The site is also within an Opportunity Zone. Welter wants to build a four-story apartment building with two units set aside for “very low-income” renters and is requesting an 11-foot height increase, and 50 percent density bonus among other incentives. The requests are all through the TOC program.
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