Here are the latest under 50-unit resi projects proposed in LA

Top 5 recent projects would add 188 units, and were driven in part by city's Transit Oriented Communities program

Feb.February 26, 2019 05:40 PM
6578 South West Boulevard (Credit: Google Maps)

Incentives for developers from the Transit Oriented Communities program and Opportunity Zones created in President Trump’s tax overhaul are continuing to drive small-scale multi-family development in Los Angeles.

Three of the top five projects recently proposed with less than 50 units applied for bonuses from the TOC program, and two are in designated Opportunity Zones. The city launched the TOC program to provide bonuses for developments with affordable units near transit stops. And being located in an Opportunity Zone creates tax benefits by allowing owners to delay capital gains taxes from early transactions in economically depressed areas.

All together, the top five most-recent projects would add 188 units to the market.

1. 6578 S. West Boulevard | Hyde Park | 47 units
Owner Ronald Mayer and 6604 West Blvd LLC recently applied to build a 47-unit permanent-supportive housing structure in the Hyde Park neighborhood in West Los Angeles. The applicant is applying for tier-3 TOC incentives.

Mayer purchased the property at 6578 S. West Boulevard for $450,000 in November 2015.

2. 1120 S. Corning Street | Pico-Robertson | 43 units
Applicants Corning Suites LLC and the TOV Trust recently filed plans to build a new 43-unit apartment building in the Pico-Robertson area, just south of Olympic Boulevard. Five units would be set aside for affordable households.

The developers are also seeking tier-3 TOC incentives for a 22-foot height increase and 25 percent open-space reduction.

Owner Massoud Rabbanian and Corning Suites LLC purchased the site in October 2016 for almost $3.5 million.

3. 642 3/4 N. Juanita Avenue | East Hollywood | 33 units
Applicant Justin Barth and the entity 636 Juanita Avenue LLC plan to demolish two single-family homes in East Hollywood to construct a 33-unit apartment building, with four units designated for extremely low-income households.

The developers are seeking tier-3 TOC bonuses to increase the building’s height. The project is also located in an Opportunity Zone. Justin Barth and 636 Juanita Avenue LLC purchased the site at 642 3/4 N. Juanita Avenue last October for $2.43 million.

4. 8837 S. Reading Avenue | Westchester | 33 units
Christopher Aillo and Harriman Capital LLC applied to demolish a seven-unit apartment structure at 8837 S. Reading Avenue near LAX. The applicants plan to replace it with a new 33-unit apartment with five very low-income units.

The developers are applying for TOC bonuses to increase the height and reduce open space.

Owners Aillo and SH 88 Reading LLC purchased the site in June 2018 for $1.48 million.

5. 437 N. Avalon Boulevard | Wilmington | 32 units
Owners and applicants Timothy Roth and 435-445 Avalon LLC are planning to build a fully affordable housing structure in the Wilmington neighborhood near Long Beach and Harbor City.

The project will consist of 32 units at 437 N. Avalon Boulevard.

The site was purchased in February 2017 for $350,000, and is located in an Opportunity Zone.

Related Articles

CGI’s Gidi Cohen and the Fedora Street project

CGI scores $48M in construction financing for Koreatown multifamily project

Hobart Garden Apartments at 1344 N Hobart Boulevard (Credit: Google Maps)

Reiner Communities pays $48M for 142-unit East Hollywood complex

Interest rate drops spur loan requests from multifamily borrowers (Credit: iStock)

Multifamily owners rush to refinance their mortgages

930 S. Park View Street (Credit: Google Maps)

Chateau Group files for 65-unit complex in developing Westlake

A map of Westlake (Credit: Google Maps and iStock)

Developers are digging into multifamily projects in Westlake

Ken Gladstein in front of 630 Masselin Avenue

Multifamily investor Sares-Regis bets big on Miracle Mile

Ben Miller, Fundrise CEO, wants to change this car clinic into an apartment building (Credit: Google Maps)

Fundrise proposes South LA apartments in the land of OZ

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City