Chateau Group has filed plans to build a 65-unit apartment complex in Westlake, joining a growing list of multifamily developers working to transform the area around Los Angeles’ MacArthur Park.
Chateau Group’s Eric Chen is requesting permission to build the project on two lots at 924-930 South Park View St., property records show.
Arcadia-based Chateau Group is requesting a 25-percent open space reduction through the city’s Transit-Oriented Communities program. The program provides incentives that encourage market-rate developers to include affordable units in projects located near transit hubs. The applicant did not specify whether the project would include affordable units.
Thanks to the TOC incentive program, at least a half-dozen developers have recently filed requests to build higher-density structures in the Westlake area if they provide some affordable units.
The Chateau Group-afliliated KLACP II, LLC, purchased the properties in partnership with Pasadena-based Golden Bridge International Investment Inc. for $1.9 million in March 2018. Chateau Group only bought a 15-percent stake in the properties and Golden Bridge took the remainder.
Last year, Chateau Group scored a $44 million bridge loan to complete construction on a Marriott-branded hotel near the Santa Anita Race Track in Arcadia.