The Real Deal Los Angeles

Bolour Associates wants to move forward with version of apartment complex planned 25 years ago

LA firm bought the land for $5.3M in April

July 21, 2016 02:00PM
By Cathaleen Chen

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3160 Riverside Drive as an event space in 2013 and Adam Eisenberg of Bolour (credit: Yelp, Bolour)

3160 Riverside Drive as an event space in 2013 and Adam Eisenberg of Bolour (credit: Yelp, Bolour)

Better late than never.

Real estate firm Bolour Associates recently submitted plans for a 65-unit luxury residential building in Los Feliz — on a site that has been approved for an apartment complex for over two decades.

In April of 1991, the L.A. City Council greenlit the then-owners to build a 52-unit multifamily building. But the project never got off the ground, and the property remained what it had been for decades — a gas station.

Bolour Associates purchased the 0.65-acre lot at 3160 Riverside Drive for $5.3 million in April. The sellers were Andrew Fakhoury, Jamal Sayegh and Hiam Sayegh, according to CoStar.

The service station on site has been unoccupied for a year, Bolour’s director of acquisitions, Adam Eisenberg, told The Real Deal. At one point, however, the station housed a beer garden and community event space called the Riverside Service Station.

“We did our research, and the zoning on it is very complicated,” he said.

Bolour is requesting a density bonus for 13 units on top of the already-entitled 52, and four will be reserved for low-income households.

The firm plans to invest between $21 to $22 million into the apartment complex. It would be “fully amenitized” and include a lounge, pool, gym and rooftop deck, Eisenberg said.

“The uniqueness of this site is that it [has access to] four cool, fun neighborhoods: Los Feliz, Silver Lake, Echo Park and Atwater Village,” Eisenberg said. “These are all areas that have seen exciting growth and have become destination locations.”

Just last month, Bolour submitted plan to build a 101-unit condo complex with 600 square feet of ground floor commercial space in Sherman Oaks and earlier this year, the firm purchased a 13,600-square-foot creative office building in El Segundo for $49 million.