Bow West wants to build 200-unit tower in Hollywood

Developer is targeting city and federal incentive programs for the market-rate residential project

TRD LOS ANGELES /
Jul.July 22, 2020 02:30 PM
Sean Beddoe and 5600 Hollywood Boulevard (Credit: Google Maps)
Sean Beddoe and 5600 Hollywood Boulevard (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
Cypress CEO Michael Sorochinsky and 1216-1224 Menlo Avenue (Google Maps)

Cypress Equity plans 128-unit affordable complex in Pico-Union

Cypress Equity plans 128-unit affordable complex in Pico-Union
ELK Development founder Evan Kasper and the development site at 730 S. Vermont Avenue (Google Maps)

ELK Development-tied entity plans 80-unit apartment complex in Koreatown

ELK Development-tied entity plans 80-unit apartment complex in Koreatown
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Ben Miller, Fundrise CEO, wants to change this car clinic into an apartment building (Credit: Google Maps)

Fundrise proposes South LA apartments in the land of OZ

Fundrise proposes South LA apartments in the land of OZ
Larry Bond made use of federal opportunity zone program

Opportunity Zones program finally kicks off in Los Angeles

Opportunity Zones program finally kicks off in Los Angeles
420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

San Pedro’s apartment project pipeline is filling up
Nipsey Hussle and his property at 3420 West Slauson Avenue (Credit: Getty Images, Google Maps, Wikipedia, Pixabay)

Nipsey Hussle’s partners are raising Opportunity Zone fund, but authorities raise questions about his property

Nipsey Hussle’s partners are raising Opportunity Zone fund, but authorities raise questions about his property
Rendering of 1400 South Flower Street (Credit: DLANC)

Shovel-ready in DTLA: Multifamily developer seeks $20M for construction site

Shovel-ready in DTLA: Multifamily developer seeks $20M for construction site
arrow_forward_ios

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

Loading...