LA’s latest transit-oriented resi projects are in Koreatown, Silver Lake

Los Angeles /
May.May 11, 2018 03:14 PM
4658 W. Melrose Avenue

Developers are planning to build a pair of multifamily projects utilizing Transit-Oriented Communities bonuses in Koreatown and Silver Lake, City Planning records show.

Westside-based developer John Safi of Safco Capital Corp filed to demolish a two-story strip mall at 4658 W. Melrose Avenue to build a six-story, 66-unit project. Half a dozen units will be set aside for “extremely low-income” tenants. The site is near a 36-unit multifamily that Safco purchased in February for $15.2 million.

Safi filed through a limited liability company called Ardmore Capital LLC, which includes Safco as an officer.

Multifamily developers in Los Angeles who want to benefit from the city’s Transit-Oriented Communities program must set aside between 8 and 25 percent of the units they build for low-income residents.

The Koreatown project is eligible for Tier 2 TOC incentives and Safi seeks a 60 percent density bonus, a parking reduction, and an increase in floor-area-ratio. The TOC program allows developers certain bonuses and other incentives in exchange for incorporating affordable housing into their projects near major transit options.

In Silver Lake, an unknown developer filed for a 33-unit project with four units set aside for very low-income renters at 1032 N. Coronado Street. That project qualifies for more significant bonuses. The developer is filing for a 70 percent density bonus and a reduction in setbacks.

Since the TOC program was introduced in September, dozens of developers have taken advantage of the bonus system. Most developers file for the bare minimum number of affordable units to qualify for the program, but a handful of developers have built entirely affordable projects. An estimated 2,000 units have been added under the program. Around 10-15 percent of those qualify as affordable.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Continuum CEO Mark Falcone and a rendering of the project (EYRC Architects via Urbanize)

Continuum Partners, Platinum Equities plan Arts District office tower

Continuum Partners, Platinum Equities plan Arts District office tower
Rendering of 577-unit District Square project in South L.A. (Los Angeles Department of City Planning, iStock)

Judge orders LA to reconsider Charles Co.’s District Square project

Judge orders LA to reconsider Charles Co.’s District Square project
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Jamie Lee and the development site (Credit: Google Maps)

Jamison files plans for mixed-use complex in Koreatown

Jamison files plans for mixed-use complex in Koreatown
Forme Development President Damon Chan and rendering of 550 Shatto Place (Forme, Gensler via Urbanize)

Going up: Koreatown tower project developers boost plans

Going up: Koreatown tower project developers boost plans
Herb Wesson (top) and Curren Price with a rendering of 3800 W 6th Street (Linkedin, Twitter, Large Arch)

LA officials backtrack on aid for Koreatown hotel project

LA officials backtrack on aid for Koreatown hotel project
Richard Llewellyn and Ron Galperin (City of LA, Wikimedia)

LA’s ballooning budget shortfall could require property selloff

LA’s ballooning budget shortfall could require property selloff
arrow_forward_ios

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

Loading...