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The Real Deal Los Angeles

Developer files plans for a 67-unit multifamily complex in Pico-Union

The project would benefit from transit-oriented incentives
By Natalie Hoberman | February 16, 2018 09:50AM

1045 South Dewey Avenue (Credit: Google Maps, Pixabay)

Dewey Properties filed plans for a 67-unit apartment complex at 1045 S. Dewey Avenue in the Pico-Union neighborhood, according to city planning documents.

The firm, led by Ryan Kim, is seeking transit-oriented incentives for the project due to its proximity to the Wilshire/Vermont and Wilshire/Normandie metro stations.

Dewey Properties purchased the site in October 2016 for $1.1 million, property records show.

The firm unsuccessfully filed a permit application last year to demolish the existing 1,600-square-foot duplex at the site. No new permit application has been filed yet.

Transit-oriented projects have become increasingly popular since the city enacted the program in September. Builders can apply for density bonuses if their projects sit within a half mile of a rail station or the intersection of two more bus routes that run every 15 minutes.

Just north of the proposed project, a developer is seeking TOC benefits for a 38-unit apartment building on South Oxford Avenue in Koreatown.

The Pico-Union neighborhood is also close to getting a 125-key hotel, as city officials recently approved a zone change request for the project at 2268 W. Pico Boulevard.