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