Rental units to replace Sawtelle apartment and commercial building

Filing comes a month after large apartment filing a few blocks southwest

TRD LOS ANGELES /
Aug.August 23, 2018 10:00 AM
2412 Federal Avenue

A 40-unit apartment building will replace a commercial space and four studio apartments in Sawtelle.

A Roseville entity filed plans for the project this week, taking advantage of density bonuses via the city’s Transit Oriented Communities program to boost the size and number of units in the project. Water Tower LLC set aside four units as affordable for “extremely low income” households. There will also be 33 vehicle parking spaces and 44 bicycle parking spaces.

The property is a unique triangular lot at 2412 Federal Avenue encircled by 20-foot wide alleys with quick access to interstates 10 and 405. It follows another large TOC project a few blocks away on at 12001 Pico Boulevard, which was filed in June. The developer is Santa Monica-based West Coast Investors.

Water Tower LLC leads to a Roseville firm called Asset Preservation. It is an intermediary that helps investors defer capital gains tax via the Internal Revenue Service’s Section 1031 exchange program. The program allows an investor to defer those taxes if the proceeds of the sale are invested into a similar kind of property.

Developers have planned more than 1,000 affordable units via the TOC program since it launched in September 2017. The program provides significant density bonuses to developers in exchange for building affordable units in developments near major transit options.


Related Articles

arrow_forward_ios
Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

The car wash at 1666 N. Vermont Avenue (Credit: Google Maps)

Former car wash owners propose 139-unit development in Los Feliz

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

Developer Pinyon Group’s 468-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

arrow_forward_ios
Loading...