Calabasas-based investment firm Amoroso Companies has filed plans to build a seven-story apartment complex with 90 units in the Pico neighborhood near Koreatown, The Real Deal has learned.
Of the 90 apartments, 82 will be market rate and the other eight will be reserved for very low-income households. In exchange for building affordable units, Amoroso was granted permission to build a bigger structure than typically allowed for the lot size and to add additional parking.
The site, at 1056, 1060 and 1066 South La Cienega Boulevard, contains two parcels: One spans under half an acre and is currently empty, property records show. The other contains a 6,213-square-foot, one-story retail building. Amoroso acquired the properties under affiliated LLCs for a combined $10.3 million last October, according to Propertyshark.
The family-run company has an investment portfolio of 32 properties, according to its website, ranging from hotels and storage units to multifamily apartments. In 2014, Amoroso opened C on Pico, a 95-unit complex on the westside.
As California is slated to adopt a density bonus measure in hopes of incentivizing more affordable housing, Amoroso is among the Los Angeles. developers that are already one step ahead. The city passed its own density bonus ordinance in 2008.