Developer plans to build tower in Historic Filipinotown

Property to span 43,500 square feet with 6 affordable units near Echo Park

Los Angeles /
Jul.July 30, 2019 01:00 PM
Urban Stearns’ Lee Rubinoff and an aerial shot of the property (Credit: Google Maps)
Urban Stearns’ Lee Rubinoff and an aerial shot of the property (Credit: Google Maps)

In one of the tightest multifamily markets in the country, the bonuses awarded in Los Angeles’ Transit Oriented Communities program are continuing to attract developers now 22 months after it launched.

Urban Stearns, a mixed-use and multifamily developer, submitted plans with the city to build a 60-unit apartment building at 218-224 N. Alvarado Street, just south of Echo Park in Historic Filipinotown. With six units designated for extremely low-income households and the site’s proximity to public transportation stops, the project qualifies for tier-two incentives from the city.

If approved, the existing residences and duplexes would be demolished to make way for the six-story, 43,500-square-foot development. An LLC that’s tied to Urban Stearns’ Steve Cohen purchased the three parcels in three deals throughout 2018 for a combined $2.62 million. The project application was filed by Urban Stearns’ managing partner Lee Rubinoff.

In nearby Rampart Village, affordable developer LINC Housing is planning to build a 64-unit project at 3200 W. Temple Street. On the smaller side, owners Sam Kahan and Jerome Berger are planning a 14-unit project at 320 N. Mountain View Avenue in Filipinotown.

In April, Urban Stearns purchased a 30,000-square-foot multifamily development site from Harbor Shoreline LLC for $3.9 million, according to CBRE. That site is on the coast in San Pedro in a federally designated Opportunity Zone, which allows additional capital gains incentives for investors, and it also qualifies for tier-two TOC bonuses. Urban Stearns is planning to secure entitlements for 120 units and retail space at the site.


Related Articles

arrow_forward_ios
11701 Wilshire Blvd, High Rise
Brentwood mall owner wants to build residential highrise
Brentwood mall owner wants to build residential highrise
From left: Gelt's Steve and Keith Wasserman with 4041-4121 Radford Ave (Realtor, Gelt, Getty)
Gelt pays $76M for 149-unit complex in Studio City
Gelt pays $76M for 149-unit complex in Studio City
Eden Housing's Kevin Leichner and Iris Gardens (Eden Housing, Clear Capital, Getty)
Eden Housing pays $31M for affordable housing complex in Azusa
Eden Housing pays $31M for affordable housing complex in Azusa
From left: 185 South State College Boulevard, 821 South Myrtle Avenue, Industrious' Jamie Hodari and AvalonBay’s Benjamin Schall (Google Maps, Industrious, AvalonBay Communities)
Industrious adds apartment sites to coworking footprint
Industrious adds apartment sites to coworking footprint
A rendering of 4827 South Crenshaw Boulevard (Hopson Rodstrom Design)
32-unit apartment complex planned for Hyde Park
32-unit apartment complex planned for Hyde Park
A photo illustration of A.J. Khair principal Demetri Samaha along with renderings of 1919 North Wilcox Avenue (A.J. Khair, GA Engineering, Inc., Getty Images)
A.J. Khair to add 65 apartments to Hollywood inventory
A.J. Khair to add 65 apartments to Hollywood inventory
Crow Holdings development CEO Ken Valach and rendering of Westside Gateway (Studio 11, Crow Holdings)
Trammell Crow Residential buys land for major project in Long Beach
Trammell Crow Residential buys land for major project in Long Beach
Ledcor's Dave Lede and Arnel & Affiliates' George Argyros with 1801 East Fourth Street (Ledcor Group, US State Department Public domain via Wikimedia Commons, Google Maps)
Argyros family firm sells Santa Ana site for $51M
Argyros family firm sells Santa Ana site for $51M
arrow_forward_ios

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

Loading...