A developer wants to demolish three-unit building and erect a 52-unit apartment building in Olympic Park.
Abolhassan Arefi, through Serrano Square LLC, seeks a density bonuses and other incentives in exchange for setting aside six units for “extremely low income” tenants through the city’s Transit-Oriented Communities program. The project is located at 1120 South Serrano Avenue.
Arefi’s LLC purchased the property in 2016 for 2.4 million. Earlier this year, it took out a $2 million loan from the bridge loan provider Lone Oak Fund. Property records show it has changed hands twice since 2013 — once that year for $650,000 and then for $982,000 in 2015. Serrano Square LLC sources to an office building in West Hollywood.
The TOC program has proven popular with developers since it came into effect in October 2017. The city created the program after voters approved Measure JJJ in 2016.
Developers have filed for around 1,200 affordable units through TOC at over 100 developments. Most have set aside the minimum required units to achieve a desired density bonus, but it has also been used by affordable developers to greatly boost the number of units at affordable projects throughout the city.