Developer Izek Shomof revises plans for Chinatown project

Los Angeles /
Aug.August 15, 2018 12:00 PM
Izek Shomof and a rendering of the original submission for 211 Alpine (Credit: Getty Images, GMPA Architects)

Izek Shomof, a Downtown developer known for residential conversions, has upped the stakes on his multifamily project in Chinatown.

The developer is now seeking to take advantage of the Transit Oriented Communities program for his mixed-use project on Alpine Street, according to new documents published with the Department of City Planning. Earlier, he had filed for density bonus incentives.

The new building at 211 Alpine Street would have 153 units — 17 of those dedicated for extremely low income — and 2,500 square feet of retail space, according to the filing. That’s a bit different from the original plans he filed in 2016, which called for 122 units and 4,200 square feet of retail.

Renderings by GMPA Architects portray a seven-story, modern structure with a rooftop deck.

Shomof purchased the property for $4.25 million in February 2016, property records show.

He’s been a prominent developer in the Downtown renaissance for several years, restoring multiple structures in the Historic Core since the 1990s. Recently, he paid $18 million to acquire an aging hotel across the street from the future home of the Los Angeles Rams in Inglewood. Shomof is completely renovating the 180-room hotel.

Since the TOC program was enacted in September, it’s garnered substantial interest from developers, who are seeking greater flexibility with density requirements. As of July, developers had already filed plans to build 1,145 affordable units as part of 112 market-rate projects, according to a progress report from the Department of City Planning. The July report also found that more units were proposed under the TOC program than under any other single entitlement program. [Urbanize]– Natalie Hoberman


Related Articles

arrow_forward_ios
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
arrow_forward_ios

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

Loading...