Developer plans to build tower in Historic Filipinotown

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

TRD 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
A rendering of the project and Douglas Bystry, President and CEO of Clearinghouse

Koreatown resi complex marks firm’s entry into Opportunity Zones

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 

Virtu pays $71M for Warner Center complex in Opportunity Zone

The car wash at 1666 N. Vermont Avenue (Credit: Google Maps)

Former car wash owners propose 139-unit development in Los Feliz

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park

arrow_forward_ios
Loading...