The Real Deal Los Angeles

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

The firm is planning a new six-story apartment building
February 08, 2019 12:00PM

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.

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