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The Real Deal Los Angeles

Boutique firm plans 92-unit building in East Hollywood

Project proposed by Skya Ventures qualifies for tax breaks, TOC bonuses
By Gregory Cornfield |
Research by Haru Coryne
March 01, 2019 04:00PM

Gelena Skya, founder of Skya Ventures and 1317 North New Hampshire Avenue (Credit: Google Maps)

A boutique real estate firm is planning a 92-unit apartment building in East Hollywood with affordable housing.

Skya Ventures filed plans this week to build the seven-story project at 1317 N. New Hampshire Avenue, near Barnsdall Art Park and Hollywood Presbyterian Medical Center. The apartment building would include 82,700 square feet and 11 affordable housing units.

Skya Ventures purchased the lot between Sunset Boulevard and Fountain Avenue last June for $1.8 million. It’s located in an East Hollywood Opportunity Zone, which creates tax benefits by allowing owners to delay capital gains taxes from early transactions.

The development is also eligible for the highest available incentives from the city’s Transit Oriented Communities program, which provides bonuses for developments with affordable units near transit stops.

The area has seen consistent multifamily investment lately. Skya Ventures’ property is less than one mile from where Taylor Equities plans to build a 21-unit building, which also qualifies for TOC bonuses. The vacant land at 1825 N. New Hampshire Avenue last sold for $2.1 million in April, records show.

Taylor Equities’ property is across the street from where Pacific Urban Residential is planning a “dramatic remodel” of the Los Feliz Club Apartments at 1800 N. New Hampshire Avenue.