(Credit: Google Maps)
All five of the latest projects proposed with under 50 residential units applied for incentives through the Transit Oriented Communities program. Two of the projects are also in Opportunity Zones, a program created under President Trump’s tax overhaul.
The city of Los Angeles launched the TOC program to provide density bonuses and other incentives for developments with affordable units near transit stops.
Being located in one of the Opportunity Zones can create significant tax benefits by allowing owners to delay capital gains taxes from earlier transactions in economically depressed areas. Former Gov. Jerry Brown designated nearly 900 tracts as Opportunity Zones last year.
All together, the projects this week would add 132 units to the market.
1. 3602 S. Overland Avenue | Palms | 42 units
Santa Monica-based owners Neeta Inc. applied for a 42-unit, mixed-use development at 3602 S. Overland Avenue in the Palms neighborhood. The company purchased the site in 2005 for $1.4 million, records show. A one-unit apartment and a catering shop are currently on the site. The applicants are requesting tier-1 TOC incentives.
2. 11854 W. Vanowen Street | North Hollywood | 35 units
Alan Kleinman with 11854 Vanowen, LLC, applied for a five-story, 35-unit project at 11854 W. Vanowen Street near Tujunga Avenue in North Hollywood. The project is requesting tier-1 TOC incentives, and three of the units will be designated for extremely low-income housing.
The property was purchased for $1 million in 2017, and it is located in an Opportunity Zone in the San Fernando Valley.
3. 1349 N. Hobart Boulevard | East Hollywood | 29 units
Michael Eghbali with 1349 Hobart LLC applied for a project that calls for the demolition of a nine-unit apartment building at 1349 N. Hobart Boulevard to make way for a new 29-unit structure just south of Sunset Boulevard.
The building project is applying for TOC incentives to increase in height by two stories, and it’s also located in an Opportunity Zone.
4. 3117 S. Bagley Avenue | South Robertson | 16 units
Douglas Nili with Aby Holdings, LLC, filed plans to demolish a duplex at 3117 S. Bagley Avenue in South Robertson to construct a 16-unit apartment building with three units set aside for very low-income tenants.
The project is near the Palms neighborhood and both the 10 and 405 Freeways, and it also is seeking TOC incentives to increase the allowed height.
5. 610 N. Harvard Boulevard | Hollywood | 10 units
Hoon Do Hur with BH Main, LLC, filed plans to demolish a duplex at 610 N. Harvard Boulevard in Hollywood to make way for a 10-unit apartment building with one unit set aside for extremely low-income housing. The project is seeking tier-2 TOC incentives to decrease open space.
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