The city Planning Commission on Thursday signed off on the latest in a series of affordable residential projects that are transforming one of the city’s oldest neighborhoods, Westlake. A developer this week also filed plans to build a 138-unit residential project in the area.
Following a general plan put in place two decades ago to revitalize the area with building incentives, the commission voted this week to allow hotel developer Relevant Group to build a 150-unit affordable complex — including eight units for very low income residents. The eight-story complex will rise at 1316-1328 West Linwood Avenue. The new development, designed by Steinberg Hart, will replace three existing residential buildings at the site. Relevant purchased the properties through LLCs in 2018 for a combined $9.44 million.
The project is just one of many in the works, thanks to a city incentive program that allows developers to build higher density structures if they provide affordable housing.
Also this week, developer Daniel Braum — acting on behalf of Lincoln Property LLC — filed plans for the 138-unit project with 14 units reserved for low-income residents, property records show. The building would rise at 968 – 970 South Hoover Street and 1001 – 1017 South Park View Street. The applicant is tied to Braum Real Estate, a Los Angeles-based real estate company. The applicant picked up the potential development site, which is a 32,000-square-foot vacant lot, for $7.3 million in 2018.
Other proposed developments in the area include:
—A 94-unit apartment complex at 1432-1438 W. Miramar Street. That development site is located on a 22,000-square-foot vacant lot that Gerlach-controlled Atlantic LLC picked up for $8.1 million in 2018.
—A 76-unit apartment complex on a 45,000-square-foot lot 1307 West 7th St. The nonprofit real estate firm Deep Green Housing is the applicant.
—A 57-unit mixed-use complex, proposed by Alireza Mossavaghi through the Alvarado Center LLC, at 2101 W. 8th Street, at Alvarado Street. The seven-story project would include 5,900 square feet of ground floor retail space.
—A 62-unit apartment building, proposed by real estate investor James Cheung, through an entity called YKK Brown Project LLC, at 1322 – 1324 West Maryland Street. This is the second TOC project Cheung has filed in the last year; the first was for a condo project in East Hollywood.
The post Developers are digging into affordable housing projects in Westlake appeared first on The Real Deal Los Angeles.
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