Walter J. Company eyes Opportunity in Westlake resi development

The neighborhood, which has seen an uptick in construction, is in a federal Opportunity Zone

May.May 03, 2019 04:00 PM
Adrian Jayasinha and the project site (Credit: Google Maps)
Adrian Jayasinha and the project site (Credit: Google Maps)

Opportunity is knocking in Westlake.

A development firm wants to build an 85-unit apartment building — a property that is in a federal Opportunity Zone — in a neighborhood that already has seen a rise in construction projects.

The project, which calls for 12 units of affordable housing, is eligible for incentives through the city’s Transit-Oriented Communities program. The initiative allows bonuses to developers of market-rate developments that add affordable units and are located near public transit stations.

Adrian Jayasinha, who is vice president of Westlake-based development and management firm Walter J. Company, filed for the project at 1600 W. Wilshire Boulevard, records show. Jayasinha acted through Telluride Holdings LLC. It purchased the property last year for $9.8 million, according to records.

Down the street from that project, Walter J. Company is planning to convert a 14-story medical office building, called the Walter J Tower, into a 220-room hotel, with a 478-unit apartment nearby.

Neither Jayasinha nor a representative for the company could be reached for comment. The Walter J. Company is registered to Dr. Walter Jayasinghe, an L.A. plastic surgeon.

Also in Westlake, LINC Housing wants to build a 64-unit affordable housing project, and prolific developer Jamison recently secured a $54.5-million loan to convert a 13-story office building there into a 248-unit apartment complex.

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