Planning commission greenlights major development in Westlake

Project still needs approval from City Council

Los Angeles /
Oct.October 13, 2017 12:00 PM

The Los Angeles Planning Commission has thrown its support behind a major development in Westlake, dubbed “The Lake on Wilshire,” Curbed reported. If approved by City Council, the project will provide a 220-key hotel, a multi-cultural center and a 41-story apartment tower at the intersection of Wilshire Boulevard and Bonnie Brae Street.

The owner and developer, Dr. Walter Jayasinghe, who is also a surgeon, plans on dedicating 39 of the 478 apartments to very low-income households. In exchange, he hopes the city allows him greater density than zoning permits.

But the commission and neighborhood residents claim the income limits (a family of three can earn up to $40,550 and still qualify) are too high and the number of dedicated units too low. As part of the vote of approval, the commission recommended the developer increase the number of affordable units to 49.

Jayasinghe plans on converting a 14-story office building on the site, which stands steps away from Metro’s Westlake/MacArthur Park station. The transit-oriented location, along with Jayasinghe’s plans to bring ground-floor restaurants and a public plaza, stood out to commissioners and city planners who wish to revitalize the neighborhood in between Downtown Los Angeles and Koreatown.

Just a bit to the east, local developer 4Site Real Estate is planning a 54-unit apartment complex at 1246 W. Court Street. West Coast developer CityView is also planning a 243-unit mixed-use complex nearby at 1800 Beverly Boulevard. [Curbed]Natalie Hoberman


Related Articles

arrow_forward_ios
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Six Peak's Director of Development Derek Sanders and the development site (Six Peak, Google Maps)
Six Peak Capital affiliate plans 110-unit apartment in Westlake
Six Peak Capital affiliate plans 110-unit apartment in Westlake
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari
Industrious partners with landlords to offer tenants satellite workplaces
Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Northwestern Mutual picks up Santa Monica office campus for $166M
Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)
Prop 15 property tax measure draws millions of dollars from for and against campaigns
Prop 15 property tax measure draws millions of dollars from for and against campaigns
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...