Investment firm Sharp Capital is kicking off the development of the second portion of its 1200 Wilshire Boulevard portfolio.
The Los Angeles-based company has filed plans to build an 80-unit apartment complex on the empty lot at 1218 Ingraham Street, across the street from the Wilshire Boulevard office building. Sharp purchased the two properties just south of Westlake for roughly $20.7 million in late 2014.
The six-story residential development would be completely separate from the office building, according to a Sharp principal David Shophet.
“We’re going to cater to the downtown community without the gridlock of downtown,” he told The Real Deal. “It going to have a boutique hotel feel.”
Construction is slated to begin by the end of the year. The 5,567-square-foot parcel is currently used as a parking lot.
Shophet said the project will be somewhat similar to Sharp’s HoM Apartments just a few block away at 3221 West Temple Street. As of February, the 67-unit complex was 35 percent pre-leased. Its one- to three-bedroom apartments run from $1,900 to $3,400, Eastsider reported.
As for the 92,000-square-foot office building across the street, remodeling may be in its near future, Shophet said.
Sharp has a sizable portfolio of properties in growing neighborhoods such as Westlake and Silver Lake. Its other holdings include the Franklin Towers, a 190-unit condo complex at 7250 Franklin Avenue, and the 43,722-square-foot Park Hill Medical Plaza in West Hills.