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Los Angeles

Safco Capital seeks to boost units in Westlake project following TOC incentives

The firm is planning a new six-story apartment building

MacArthur Metro Station and a Coronado Residents rendering (Credit: Wikipedia and Pacific Apartments Corp.)
MacArthur Metro Station and a Coronado Residents rendering (Credit: Wikipedia and Pacific Apartments Corp.)

Since the Transit Oriented Communities program was enacted in 2017, it has propelled a flurry of developers to propose new projects near transportation hubs.

In several cases, it’s even led developers to tear up their previously-approved plans and start the whole process over.

Safco Capital Group is now among those developers. The Westside-based firm has filed a revised plan with the city, requesting approvals to build 77 units at a vacant lot in Westlake, up from its previously-approved 44, according to Urbanize.

The project would rise six stories at 825 South Coronado Street, a half-mile from the MacArthur Park Metro station in Koreatown. It would include eight affordable units, as well as underground parking.

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Construction is expected to begin later this year.

John Safi, owner of Safco, bought the site for $1.85 million in February 2015, property records show.

Safco is also seeking TOC bonuses for another project nearby. On Burlington Avenue, the firm proposed building a mixed-use project with 130 units, retail options and a gym.

The company is also building a six-story project at 4658 Melrose Avenue. It filed a plan to demolish a two-story strip mall at the Koreatown site in May 2018. [Urbanize] — Natalie Hoberman

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