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

Developers are taking advantage of city and federal programs for funding and to boost density

Los Angeles /
Apr.April 01, 2019 05:00 PM
From top left, clockwise: 12757 W. Mitchell Avenue, 11155 W. Huston Street, and 181 S. Virgil Avenue (Credit: Google Maps)

Developers continue to mine the city’s Transit Oriented Communities incentives and are beginning to seize on the federal Opportunity Zone program for residential projects of under 50 units.

In the latest round, the largest of the bunch is a 28-unit proposed project in Mar Vista, a short distance from Venice’s booming tech scene. Also on the list are two projects filed in the San Fernando Valley.

12757 W. Mitchell Avenue | Mar Vista | 28 units

A developer operating through Mar Vista Fund LLC and based in Manhattan Beach filed plans for a 28-unit condominium project. It would replace an eight-unit apartment building on the border of Mar Vista and Venice. The LLC purchased the roughly 7,100-square-foot property in September for $2.8 million.

11155 W. Huston Street | North Hollywood | 24 units

A single-family home will meet the bulldozer for this planned 24-unit project.

The filing is registered to 1226 Monument LLC, which goes to a Sherman Oaks address.

The proposed project site is just off the North Hollywood Arts District on Lankershim Boulevard, a main thoroughfare in the area where WeWork recently signed a lease for a new co-working space. The developer paid $1.8 million for the Huston Street property in mid-2016. The project seeks a density bonus through the city’s Transit Oriented Communities program.

181 S. Virgil Avenue | Rampart Village | 14 units

Developer Parvin Shavalian wants to take advantage of the TOC program for this multifamily project. The site is eligible for significant density bonuses and other incentives through TOC because of a nearby Metro stop and bus options. The program provides higher bonuses based on proximity to transit.

The site is also in a federal Opportunity Zone, allowing Shavalian to reinvest untaxed capital gains into the project. The project would replace a duplex dating from the early 20th century, according to property records recorded by PropertyShark.

950 Hilgard Avenue | Westwood | 12 units

Outside the UCLA campus in Westwood, an entity tied to Cyrus Hekmat wants to build a five-story, 12-unit apartment complex. Hekmat is the son of Indivest Inc. founder Kambiz Hekmat, whose firm owns a handful of properties in Westwood. Indivest recently restarted a 29-story condominium tower project in the neighborhood that’s been in the works for nearly a decade.


Related Articles

arrow_forward_ios
Downtown Burbank's Transit Oriented Development Specific Plan (Photo via Downtown Burbank TOD/City of Burbank)
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
A rendering of the project with East End Capital managing principals Jonathon Yormak and David Peretz. (Relativity Architects, East End Capital)
East End Capital to convert cold storage into movie studio
East End Capital to convert cold storage into movie studio
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
2649-2657 W. San Marino Street (Google Maps)
Westlake apartment project could replace century-old buildings
Westlake apartment project could replace century-old buildings
J.H. Snyder partner Lon Snyder with One Museum Square. (J. H. Snyder, One Museum Square)
JH Snyder lands $172M loan on new luxury rental tower
JH Snyder lands $172M loan on new luxury rental tower
Councilman John Lee and 10243 N. Topanga Canyon Boulevard (Facebook/CouncilmemberJohnLee, Google Maps)
Housing project for homeless vets gets pushback
Housing project for homeless vets gets pushback
Continuum Partners CEO Mark Falcone and the development site (Continuum, iStock, Google Maps)
Continuum Partners plans $2B megaproject to transform Arts District
Continuum Partners plans $2B megaproject to transform Arts District
5001 Wilshire Blvd. (Getty, 42 Floors)
From retail to residential: Apartment complex may replace strip mall
From retail to residential: Apartment complex may replace strip mall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...