Safco Capital plans 130-unit mixed-use project in Westlake

The 2-building project to include separate retail portion and 13 affordable units

TRD LOS ANGELES /
Nov.November 16, 2018 08:00 AM
253-255 S. Burlington Avenue (Credit: Google Maps)

Safco Capital Corporation is planning a 130-unit mixed-use project in Westlake.

An entity tied to Safco President John Safi filed plans for the project at 253-255 S. Burlington Avenue on Wednesday. The filing calls for a six-story building with 13 units set aside for “extremely low-income” renters and a separate retail building at the southeast corner of the property, where Burlington Avenue meets 3rd Street.

The property includes a parking lot for a nearby supermarket and a vacant lot to the north. Safco paid $17.9 million for the property in early 2017.

Safi told The Real Deal that the residential element will include studios, one- and two-bedroom apartments, as well as a gym. The firm expects construction to start in mid-2019.

Safco seeks bonuses through the city’s Transit-Oriented Communities program, which provides density bonuses and other incentives to developers who incorporate affordable units in projects near to transit. The program has proven popular with developers.

Last month a developer linked to a local jeweler filed a 75-unit project in Westlake with TOC bonuses.


Related Article

arrow_forward_ios
LA Mayor Eric Garcetti and the Metro Gold Line (credit: Global Climate Action Summit via Flickr)

“Notorious NIMBY group” brings legal challenge to LA’s most popular affordable housing program

Medical office building at 2100 W 3rd Street and HTA CEO Scott D. Peters

Stockdale Capital sells Westlake medical office complex for 40% more than it paid

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Richard Heyman and May Phutikanit with the project site (Credit: Google Maps and iStock)

Hollywood hotel developer Relevant Group is getting in the affordable housing game

Urban Stearns’ Lee Rubinoff and an aerial shot of the property (Credit: Google Maps)

Developer plans to build tower in Historic Filipinotown

Metro CEO Phillip A. Washington and a rendering of a monorail concept along Sepulveda Boulevard in the San Fernando Valley (credit: Metro)

Metro raised Sepulveda Transit Corridor project’s estimated cost by billions

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

arrow_forward_ios