Beverly Hills developer plans 100-unit project in Cypress Park

The mixed-use project is walking distance to the Metro Gold Line

Jul.July 19, 2018 10:30 AM
3836 N. Figueroa Street

A seven-story condo building is planned at the site of a Cypress Park convenience store.

Beverly Hills developer FDZ Partners LLC filed plans for the 100-unit mixed use building at 3836 N. Figueroa Street with the city on Wednesday. Five stories of condo units would be built above a two-level podium with parking, amenities, and “14 bi-level commercial units,” according to the filing. Planned amenities include a communal kitchen, pool, and roofdeck.

The site sits at the corner of Pasadena Avenue and is about a five minute walk from the Metro Gold Line’s Heritage Square station. The developer plans to take advantage of the location with unspecified bonuses through the city’s Transit Oriented Communities program.

The program provides incentives such as density bonuses for projects that include a certain percentage of units the city deems affordable. The filing also does not specify the number of units that will be set aside as affordable.

FDZ Partners is registered to an individual named Frank Zarabi. The company purchased the property in November for $3.5 million. FDZ was active in San Diego in 2014, when it purchased a retail property for $5.3 million with plans to add residential units to the site. FDZ sold the property two years later for $7 million to a local buyer with similar plans.

Frank Zarabi is the name of the founder of an apparel manufacturing business based in Bell, near Commerce, although it’s unclear if that is the same person.

Cypress Park is generally a less-expensive place to rent than neighborhoods further west, but it is located near neighborhoods that have seen rapid growth over the last decade or so, like Echo Park and Silver Lake Median rent for a one-bedroom apartment in Cypress Park was $1,600 in February, up 14 percent from February of 2017, according to Zumper, the apartment rental site.

Related Articles

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

LA Mayor Eric Garcetti and the Metro Gold Line (credit: Global Climate Action Summit via Flickr)

“Notorious NIMBY group” brings legal challenge to LA’s most popular affordable housing program

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan