Liv Lux Properties plans to demolish two single-family homes in L.A.’s Mid-City to build a 40-unit apartment complex.
The Encino-based developer led by Efraim Barazani has filed plans to build the six-story building at 1551-1557 South Hi Point Street, Urbanize Los Angeles reported. The developer had earlier filed plans for 38 units, to be reviewed by the Planning Commission.
Barazani plans to bulldoze a 2,200-square-foot home built in 1937, with a Queen Anne-style turret, which last sold in 2021 for $2.1 million, according to Zillow. A 1,400-square-foot home, built next door in 1939, which also sold for $2.1 million, would be razed.
Plans call for a seven-story building with 40 one- and two-bedroom apartments atop parking for 22 cars.
Liv Lux would employ density bonus incentives to build a larger building than local zoning rules allow in exchange for seven affordable apartments for very low-income households, for a period of 55 years.
The gray and white complex, designed by Van Nuys-based Stockton Architects, includes five stories of apartments above a podium parking garage, topped by a rooftop deck.
The filing with the Planning Department arrived days in advance of a City Planning Commission hearing which will consider an alternate entitlement scheme for the property from the same developer, according to Urbanize.
That proposal would see the construction of a slightly smaller six-story building with 38 apartments.
Mid-City has seen numerous infill developments rise from sites which are zoned for apartments, but developed with single-family homes.
Adjoining properties to the north and south of 1551 Hi Point have recently been developed with small lot homes, and a 58-unit apartment complex is under construction at 1500 Hi Point Street.
There are six Liv Lux Properties registered with the Secretary of State, according to state business records.
A Liv Lux Properties 3, led by Efraim Barazani, also includes Moshe Marazani and Amit Kleinberger, an L.A. real estate developer and CEO of Menchie’s Frozen Yogurt who starred as an undercover CEO on the Emmy award-winning television show “Undercover Boss.”
— Dana Bartholomew
Read more
- Los Angeles issues fewer residential permits in first half of 2024
- OC investor faces criminal probe for alleged house-flip fraud
- Property owner pitches apartment complex in Woodland Hills
The post Liv Lux to raze two homes for 40 apartments in LA’s Mid-City appeared first on The Real Deal.
Powered by WPeMatico