Bow West Capital wants to build a 200-unit apartment complex in Hollywood, seeking to utilize city and federal incentive programs.
The downtown developer filed plans this week to build the 18-story market-rate tower with an affordable component at 5600 Hollywood Boulevard. The property, which Bow West paid $5 million for in 2018, is now a 9,500-square-foot vacant lot.
The location is adjacent to the Hollywood/Western red line transit stop, which would qualify the project for density bonuses under the city’s Transit Oriented Communities program. That would allow Bow West to add units beyond existing city zoning, according to the TOC program. Developers must set aside a portion of the units in market-rate construction as affordable, with tiered benefits.
Bow West’s project also falls in a designated Opportunity Zone, making the development eligible for major federal tax breaks.
Bow West was founded in 2016 by Sean Beddoe, who is also listed as director of the Hanover Group, a separate L.A.-based real estate investment firm. Bow West lists its headquarters as 718 S. Hill St., which it developed and marketed as “Green Street,” office space for marijuana-related business. Beddoe told the Los Angeles Business Journal in late 2018 that it quickly achieved 95 percent occupancy at the 67,000-square-feet-building.
Bow West is also redeveloping a 55,000-square-feet building in the Jewelry District, which it plans to convert into office space. The company’s website lists over a $100 million in assets in “core U.S. cities, with a primary focus in L.A.
A message left with the developer Wednesday was not returned.