Mixed-use project in Palms seeks transit-oriented incentives

Developer proposes 187 units, with 19 affordable

Los Angeles /
Mar.March 02, 2018 03:00 PM
3664-3688 Overland Avenue (Credit: Google Maps)

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 


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)

Santa Monica mega-portfolio officially hits market

Santa Monica mega-portfolio officially hits market
Rendering of 1411 South Flower Street (Housing Diversity Corporation)

Micro-housing to rise in DTLA Opportunity Zone

Micro-housing to rise in DTLA Opportunity Zone
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)

City for sale: Shekhter looks to unload mega-portfolio in Santa Monica

City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
Renderings of PATH Villas Hollywood project (PATH)

LA allocates $44M for more than 120 affordable housing units

LA allocates $44M for more than 120 affordable housing units
City Councilman Paul Koretz (Wikipedia Commons, iStock)

Backlash over high cost of tiny houses

Backlash over high cost of tiny houses
300 S. Santa Fe Ave. (Google Maps)

LA’s top 5 multifamily investment sales of 2020 fell 50%

LA’s top 5 multifamily investment sales of 2020 fell 50%
Jeffrey Jaeger and the Villa Raymond Apartments (Google Maps)

Standard Companies buys Pasadena senior housing, plans fix-up

Standard Companies buys Pasadena senior housing, plans fix-up
Weingart towers

LA approves $200M in bonds for affordable housing projects

LA approves $200M in bonds for affordable housing projects
arrow_forward_ios

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

Loading...