Amoroso Cos. wants to build 123-unit resi project in Mid-City

The 7-story project would rise over what is now a vacant shopping center

Los Angeles /
May.May 01, 2018 08:07 AM
The shopping center on W. Pico Boulevard

Amoroso Companies is looking to build a mixed-use project with 123 residential units, to rise on the north side of Mid-City over what is now a vacant shopping center.

The new building from the Calabasas-based investor would total 98,000 square feet of residential space and 4,200 square feet of ground floor retail, according to public records. According to plans that were filed this week, 13 of those residential units would be set aside as affordable. But the filing does not specify what level of affordability they will be. Parking will be underground.

The filing covers a 25,800-square-foot area that includes five lots on West Pico Boulevard, between Hi Point and South Point View streets.

It calls for the demolition of a mostly vacant 12,000-square-foot shopping center and parking lot. The site has a dozen addresses between 5935-5953 W. Pico Boulevard. L.A. has seen an increasing number of underperforming or empty shopping centers undergo conversions.

Amoroso Companies paid $10.4 million for the property in late October from Culver City-based CGC Investment Group LLC, with a $7 million mortgage from Comerica. The deal came out to around $879 per square foot. Development consultant Burns & Bouchard filed the plans on behalf of Amoroso.

The project is in line with many of Amoroso’s other projects in the city. Less than a mile away on South La Cienega Boulevard, the firm is developing a 90-unit project with a similar percentage of affordable units. Further west on West Pico Boulevard, Amoroso is building a 100-unit mixed-use project near Santa Monica Airport.


Related Articles

arrow_forward_ios
Vella's Zach Vella and SWRCC's Dan Langford with 1010 Sandhill Avenue (Vella Group, Southwest Regional Council of Carpenters, LoopNet)
Carpenters union buys Carson industrial from Zach Vella
Carpenters union buys Carson industrial from Zach Vella
TCW's David Lippman with and the City National Plaza at 515 S. Flower Street (David Lippman, City National Plaza)
TCW inks largest pandemic-era office lease in DTLA
TCW inks largest pandemic-era office lease in DTLA
eBay's Jamie Iannone with 455 North Fairfax Avenue (eBay, Google Maps)
eBay goes brick and mortar on popup for sneakerheads
eBay goes brick and mortar on popup for sneakerheads
Jeff Blau with 1755 Argyle St (LinkedIn, Commercial Observer)
Related Companies to sell Argyle House in Hollywood
Related Companies to sell Argyle House in Hollywood
Frank Gehry and the Ocean Avenue Project (Getty, Ocean Avenue Project, iStock)
Frank Gehry’s long-awaited Santa Monica project takes big step forward
Frank Gehry’s long-awaited Santa Monica project takes big step forward
Duke Realty's James Connor and 14724 Proctor Avenue in City of Industry (Google Maps, Duke Realty)
Duke Realty gets another 230K sf in City of Industry
Duke Realty gets another 230K sf in City of Industry
Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
Senior community nixes industrial development for more residential
Senior community nixes industrial development for more residential
FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
FivePoint slashes workforce 29%, posts $37M loss
FivePoint slashes workforce 29%, posts $37M loss
arrow_forward_ios

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

Loading...