Developer seeks TOC incentives for 36-unit apartment complex in Westlake
The project calls for a 26 percent density bonus
Just last month, the Transit Oriented Communities incentives package went into effect in hopes of enticing developers to build near transit hubs. Now, developers seem to be catching on to its benefits.
An entity under the name of “Lake Street Apartments” filed plans with the city on Tuesday to build a 36-unit apartment complex at 226 North Lake Street in Westlake, The Real Deal has learned.
The filing calls for a 26 percent density bonus, shorter yard setbacks and reduced parking as a result of the proposed complex’s proximity to a bus station and the Westlake/MacArthur Park Metro station.
If approved, an existing seven-unit apartment structure would be demolished. In its place, developers are proposing 31 market rate units and five units for very low-income residents. Each unit would be assigned one parking spot.
Lake Street Apartments, led by broker Alan Fattal, acquired the site in July for $1 million, property records show.
The project would join the ranks of a 51-unit complex proposed for 432 E. Florence Avenue in South Los Angeles, which is seeking an extra 11 feet in height. More recently, the city of Inglewood made its own progress in building near transit stops – it unveiled two new land use plans near two major Metro stops.