As has been the case in recent months, most of the smaller multifamily projects filed in Los Angeles all qualify for development bonuses and tax breaks.
The top five projects of fewer than 50 units each would combine for 166 total units.
The two biggest are located near each other, and are both eligible for tier-2 incentives from the city’s Transit-Oriented Communities program. One has 48 units planned for Pico-Union, and the other has 43 affordable units set for Vermont Square. The others are spread out in East Hollywood, West L.A., and Elysian Valley.
The Real Deal compiles the list based off planning documents published by the Department of City Planning and property records on PropertyShark.
1157 S. Hoover Street | Pico-Union | 48 units
1157 S. Hoover Street (Credit: Google Maps)
David Pourbaba, founder and CEO of 4D Development & Investment, owns the property at 1157 S. Hoover Street. He purchased the existing two-story home at West 12th Street for $1.3 million in January. Last week, Pourbaba applied for a new 48-unit project there. Six units will be designated for very low-income residents. The project qualifies for tier-2 TOC incentives, and it is also located in a federal Opportunity Zone, which provides tax breaks to developers who invest in distressed areas. The 2,800-square-foot residence currently on the site was built in 1908, according to records.
4719 S. Normandie Avenue | Vermont Square | 43 units
4719 S. Normandie Avenue
Kenneth Sauder, founder and CEO of San Diego-based Wakeland Housing and Development Corp., filed plans for a five-story project with 43 units. The firm purchased the property at 4719 S. Normandie Avenue for $1.85 million in February. It’s located in Vermont Square part of South L.A., and it also qualifies for tier-2 TOC bonuses. The firm is also requesting streamlined entitlements through California’s Senate Bill 35. There is currently a 5,280-square-foot parking lot at the site, on the corner of West 48th Street. In 2001, the property sold for $200,000.
2908 N. Allesandro | Elysian Valley | 36 units
2908 N. Allesandro (Credit: Google Maps)
JC Contractors is planning to build 36 units on property in Elysian Valley, a property owned by Tory River Development, LLC. John Begin with JC Contractors, Inc. began the process when he filed plans for the project at 2908 N. Allesandro Street. If approved, developers would demolish a 7,820-square-foot tow truck dealership on the site. Mark Baatz with Tory River Development purchased the site over 23 years ago for $450,000. It qualifies for a density bonus with increases in floor area and height, and it is also located in an Opportunity Zone.
4537 W. Santa Monica Boulevard | East Hollywood | 23 units
4537 W. Santa Monica Boulevard (Credit: Google Maps)
Through his entity Equity Investments LLC, Tustin-based property owner Joseph Proctor has filed plans to build a new seven-story project with 23 units in East Hollywood. The project on 4537 W. Santa Monica Boulevard includes tier-3 TOC incentives and a height increase. Plans call for 19 market-rate units and four very-low income units, as well as the demolition of a 7,500-square-foot laundromat on the site. Equity Investments purchased the site last October. Liz Jun with The Code Solution represented the firm’s application.
10405 W. Louisiana Avenue | West Los Angeles | 16 units
10405 W. Louisiana Avenue
Wiseman Residential filed plans to build a new four-story apartment building with 16 units and 28,900 square feet of space. The L.A.-based firm purchased the site at 10405 W. Louisiana Avenue in West L.A. in January for $4.9 million. The project will replace a 10-unit apartment building that was built in 1952 and includes 12,000 square feet of space on a 0.3-acre lot. Wiseman has led projects in East Hollywood before, and it owns properties around Los Angeles. Last year, the firm proposed a 44-unit mixed-use project with 3,000 square feet of retail on Lincoln Boulevard in Venice.