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

The firm is planning a new six-story apartment building

TRD LOS ANGELES /
Feb.February 08, 2019 12:00 PM
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


Related Articles

arrow_forward_ios
LA City Councilmember Gil Cedillo and Jade Enterprises’ Sapphire development (credit: Scott L on Flickr)

Westlake abandoned its affordable housing requirements a decade ago. Things have changed

Carlyle Group co-CEO Kewsong Lee, Holland Partner Group CEO Clyde Holland, and the Sofia Los Angeles (credit: North American Sekisui House, LLC)

Carlyle Group pays $273M for big apartment complex in Westlake

29th Street Capital founder Stan Beraznik, Jason de Guzman, the firm’s senior vice president for acquisitions for L.A., and the three buildings at 131, 143, and 171 S. Burlington Avenue

Westlake apartment portfolio sells a year after tenants battled landlord over rent hike

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

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

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

Raffi Cohen and the site

Galaxy Commercial returns to San Pedro with 137-unit project

Adrian Jayasinha and the project site (Credit: Google Maps)

Walter J. Company eyes Opportunity in Westlake resi development

arrow_forward_ios