Entity linked to jeweler plans 75-unit multifamily project in Westlake
Project would replace two other multifamily buildings
A company tied to a Downtown Los Angeles jeweler is planning a 75-unit multifamily development in Westlake.
The eight-story building is planned for 831-837 S. Westlake Avenue and will include six stories of housing above two stories of parking, according to permit applications filed with the Los Angeles Department of Building and Safety.
The project would replace two multifamily buildings. It includes an unspecified number of units set aside as affordable through the city’s Transit Oriented Communities program, which provides density bonuses and other incentives for projects near transit that include affordable units.
The entity that owns the property is linked to the Nourizad family, which owns Ninacci Incorporated, a jeweler on S. Hill Street. It first purchased the properties between August 2016 and February 2018 for a total of around $2.7 million.
Earlier this month in Westlake, developer Lifan Group secured a density bonus needed for a 29-story, 306-unit apartment project on W. 7th Street after setting aside 34 units for low-income renters.
The 75-unit building in Westlake is the third large TOC project filed this week. Haroni Investments LLC filed for a 128-unit project and a 64-unit project in South L.A. as well.