Developer will knock down West LA complex to build 68-unit project
Site on Santa Monica Boulevard is eligible for Transit Oriented Communities Program
Los Angeles-based development firm Coffee Tree Vacaville LLC has filed plans to build a 68-unit multifamily building in West L.A., public records show.
In filings, Coffee Tree said that it plans to demolish an existing 18-unit apartment complex at 10448-10460 Santa Monica Blvd. in order to pave the way for the new housing.
The Coffee Tree entity, which picked up the West L.A. properties for $3.1 million last summer, is managed by Beverly Hills developer Parviz Parvizyar, who is affiliated with the Olympic-Barrington Partnership, a WeHo-based real estate development company. Parvizyar could not be reached for comment.
The site is eligible for density bonuses and other incentives as part of the city’s Transit Oriented Communities program, which provides incentives that encourage market-rate developers to include affordable units in projects located near transit hubs.
The program aims to streamline the development process and incentivize affordable housing development by implementing a section of Measure JJJ, which was passed by L.A. voters in Nov. 2016.
Parvizyar has developed in both Northern and Southern California. A decade ago, an entity controlled by Parvizyar converted an empty Elk Grove warehouse into a Strikes Family Entertainment Center. Parvizyar also has been associated with several limited partnerships, including La Cienega Cadillac LLC, EGSC LLC and Maggie Lane Development Corp., which sold a Redlands, Calif.-based office business center for $12.25 million in 2017.