As development in Echo Park surges, add a 47-unit residential complex

The multifamily project on a sloping lot includes an affordable housing component

May.May 21, 2018 11:11 AM
The lots on Rosenell Terrace in Echo Park

A 47-unit multifamily project that includes some low-income housing could be coming to an empty lot to Rosenell Terrace in Echo Park.

The four-story development would include four units set aside for “extremely” low-income residents and would include 46 parking spaces, according to Los Angeles Department of City Planning documents. The plans call for four sloping lots from 417-435 Rosenell Terrace that total about a half-acre.

The builder wants to take advantage of the city’s Transit-Oriented Communities incentives in exchange for building the affordable units. It is seeking a 50 percent density bonus, an increase in floor-area ratio, and a parking reduction to one space per two bedrooms. The developer also wants to increase ceiling heights from to 53 feet from 42 feet, and reduce required open space to 20 percent.

The four lots are owned by 15027 D LLC, a Sherman Oaks entity run by Isabella Svilik, an investor whose family is active around Los Angeles. She is related to Victor Slivik of Caladan Investments. Last July they filed to build a multifamily project of similar scale in North Hollywood. Property records show the LLC paid an individual $2.3 million for the Echo Park property in 2013.

Echo Park has seen a steady influx of multifamily projects over the past few years and not everyone is happy about it. Local Councilmember Mitch O’Farrell directed the city last year to study the impact of placing restrictions on high-density development in the historically low-density neighborhood. But that hasn’t stopped activity. To the southeast toward Downtown, Bond Companies is also planning a 47-unit project on Colton Street. That property is also eligible for Transit-Oriented Communities bonuses, which are available on lots within a half-mile of major transit stops.

Related Articles

CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

500-512 S. Union Avenue (Credit Google Maps and iStock)

TOC project with 85 units planned in Westlake

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

EKN Development Partner’s hotel rendering

Developer seeks to build hotel near Echo Park

Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

Reiner Communities pays $48M for 142-unit East Hollywood complex

Interest rate drops spur loan requests from multifamily borrowers (Credit: iStock)

Multifamily owners rush to refinance their mortgages

930 S. Park View Street (Credit: Google Maps)

Chateau Group files for 65-unit complex in developing Westlake

A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake