Developer seeks 52 units at Olympic Park development

West Hollywood developer plans to demolish 3-unit building

Los Angeles /
Aug.August 27, 2018 10:00 AM
112 South Serrano Avenue (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Downtown Burbank's Transit Oriented Development Specific Plan (Photo via Downtown Burbank TOD/City of Burbank)
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
A rendering of the project with East End Capital managing principals Jonathon Yormak and David Peretz. (Relativity Architects, East End Capital)
East End Capital to convert cold storage into movie studio
East End Capital to convert cold storage into movie studio
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
J.H. Snyder partner Lon Snyder with One Museum Square. (J. H. Snyder, One Museum Square)
JH Snyder lands $172M loan on new luxury rental tower
JH Snyder lands $172M loan on new luxury rental tower
Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps)
Housing project for homeless vets gets pushback
Housing project for homeless vets gets pushback
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
Los Angeles Planning Commission approves Hollywood zoning changes. (iStock)
Planning Commission OK’s changes to Hollywood zoning, land use
Planning Commission OK’s changes to Hollywood zoning, land use
The rail project had its genesis in the late 1990s but has faced numerous delays. (iStock, Getty)
Land purchases could delay high-speed rail 2 years: contractor
Land purchases could delay high-speed rail 2 years: contractor
arrow_forward_ios

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

Loading...