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Developer plans multifamily complex in Hollywood nearly 25 years after buying land
The developer, Nathan Korman, was once sued over injury at one of his properties
A Larchmont-based developer has filed plans to build a 68-unit apartment building in Hollywood, adding to the flurry of multifamily projects in the area.
The mixed-use complex would also include over 3,000 square feet of commercial space and parking for 39 vehicles, according to a filing published by the Department of City Planning.
Developer Nathan Korman first purchased the land, at 1723 N. Wilcox Avenue, for $500,000 in 1994, property records show.
In the filling, he calls for the demolition of the existing low-rise apartment buildings found at 1723-1729 Wilcox Avenue.
Korman is also seeking a 66 percent density bonus for his seven-story project, given the project’s proximity to the Hollywood/Vine Metro station. As part of the Transit Oriented Communities program, he’s also requesting a 25 percent reduction in the open space requirement.
Korman filed the project through an entity titled N.B.K. He could not be reached for comment.
The developer, who owned some 12 apartment buildings around L.A. in the early 2000s, has faced controversy before, the Los Angeles Times previously reported. In one Hollywood building, Korman was ordered to pay a nine-year-old boy $6 million in damages after the child was badly burnt in the property.
Hollywood has been attracting a slew of developers amid rising apartment rental prices. Recently, a Miami-based developer cleared a major hurdle for an apartment project, paving the way for two 28-story towers with a total of 731 units to rise near the historic Hollywood Palladium theater. That’s in addition to the the highly anticipated $1 billion Hollywood Center project, which is slated to deliver over 1,000 units.