Onni Group has picked up a commercial site near the Expo Line that is already entitled for multifamily development.
The Vancouver-based development firm bought a 14,600-square-foot site at 11460 Gateway Boulevard in West Los Angeles for $65 million, according to records filed with L.A. County. Onni did not respond to a request for comment.
Moss & Company, a Sherman Oaks management and development firm run by Chris Gray, sold the property, after securing entitlements for the site.
In 2017, L.A. City Planning Department approved plans to build a 129-unit complex on the site, with about 5,200 square feet of commercial space. The project would benefit from the city’s Transit Oriented Communities Incentive Program, which gives developers benefits for building near public transportation stops.
Under the plans approved by the city, the development would have 15 units reserved for very low-income households. By purchasing an already entitled site — though more expensive than one without entitlements — Onni Group can move forward with construction quickly, unless it decides to dramatically alter the plans.
Onni Group, a prominent developer in L.A., has spent the last few months submitting plans across the city, while other investors have sat on the sidelines amid economic uncertainty and rising interest rates.
Earlier this month, the company submitted documents for a 45-story, mixed-use tower at 5350 Wilshire Boulevard. The property, which will see the preservation of Art Deco storefronts on the site, will include 419 apartments and about 2,700 square feet of commercial space for restaurants.
The post Onni Group pays $65M for West LA site with entitlements appeared first on The Real Deal Los Angeles.
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