Square One Homes plans 40-unit apartment complex in Westlake

The L.A.-based firm would invest between $8M to $10M to build the six-story complex south of Echo Park

TRD LOS ANGELES /
Jun.June 23, 2016 03:30 PM

Development firm Square One Homes is planning a six-story apartment complex in Westlake, just south of Echo Park.

The 40-unit complex at the northeast corner of Colton and Douglas Streets would have over 33,000 square feet of floor area. The apartments would range from studios to two-bedroom units, and three will be reserved for very low-income households. Most of the units, however, will be market rate one-bedrooms.

A single-family house currently occupies the two-parcel site. The structure was red-flagged by the city because the previous owner completed construction without a permit, according to project consultant Kristen Montet Lonner of Burns & Bouchard. It would be demolished to make way for Square One’s development, which is slated to begin construction later this year if it is approved by the city.

In the proposal, Square One requested a density bonus contingent on its inclusion of the three affordable units. Amenities for the apartment structure includes outdoor decks, a fitness room and over 4,000 square feet of open space.

Square One acquired the property in early 2015 and would invest between $8 million to $10 million in the project.

“[Square One] chose this location because of its proximity to the Echo Park pool, libraries, Vista Hermosa Park, a medical center, downtown Los Angeles and all the jobs available in the area,” Lonner told The Real Deal.

Westlake has been quite the destination for multi-family residential developers as of late. Just a mile down the street, 4Site Real Estate is now building a 45-unit residential-retail complex, Urbanize reported. And closer to Koreatown, Mid-Wilshire investment firm Hankey Investment and development partner Jamison Services are planning a 31-story residential tower at 2908 Wilshire Boulevard. On Boyleston and Temple Streets, Lion Real Estate is working on a 120-unit apartment complex.

“We think that Westlake is the last frontier in the core section of L.A. that has not been redeveloped,” Lion executive Jeff Weller told TRD. “We’ve owned property here for five years now and we’ve watched prices appreciate over, I’d say, 100 percent.”

 

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