Mixed-use project in Palms seeks transit-oriented incentives
Developer proposes 187 units, with 19 affordable
The rush of new residential projects seeking transit-oriented incentives in Los Angeles continues, among the latest a mixed-use development with 187 units in Palms.
The project, to be located at 3664-3688 Overland Avenue, would have 19 affordable units, Urbanize reported, along with 3,864 square feet of commercial space.
City planning documents did not list the developer. Property Shark data shows different owners for the different lots, which appear to all trace back to Simon Lazar, Isaac Mostadim and Sam Mostadim, who run the real estate investment and development firm Oakmont Capital.
The developer will use transit-oriented communities, or Measure JJJ, incentives. The measure gives exemptions to developers who add affordable housing units, such as reduced parking requirements and yard setback reductions. The incentives are for developments within a half a mile radius of major transit stops.
Since Measure JJJ took effect in September, there has been a push by developers to include affordable housing units.
There are a handful of other buildings planned for that area of Overland Avenue and its cross streets, totaling more than 200 units. Other recently announced developments include a 296-unit complex just south of the Gold Line’s Monrovia station, a Greenland USA development near the Red Line’s North Hollywood Station and a 109-unit complex on the border of Downtown Los Angeles. [Urbanize] –Hannah Madans