Greenbridge Investment Partners wants to build a 169-unit mixed-use tower in Koreatown.
The Beverly Hills-based developer is planning the 17-story building to include 14,000 square feet of commercial space at 3500 Wilshire Boulevard, according to Urbanize. The commercial portion would be on the first two floors.
The tower is designed with prefabricated modular units made in the neighborhood, according to the report.
Greenbridge intends to make use of available entitlements through the city’s Transit Oriented Communities program and will set aside 20 units as affordable.
The development site is essentially directly above the Wilshire/Normandie Metro station, making it a rare opportunity to claim the most significant bonuses available through the TOC program’s transit proximity-based tiered system.
Along with claiming a density bonus, Greenbridge wants to waive its on-site residential vehicle parking requirement through TOC, although it will include 47 parking spaces for commercial uses.
Architecture firm HED is designing the project. Renderings show a podium-style building with decks on both the podium roof and tower roof. The podium deck includes a swimming pool.
The property is only about 10,300 square feet on the southwest side of Wilshire Boulevard and Normandie Avenue. It is currently home to a 16,600-square-foot building built in 1956.
Greenbridge’s project is less than a block away from where prolific developer Jamison Services is planning a 428-unit residential complex and less than a mile away from Jamison’s recent 260-unit new construction proposal at 3020 West Wilshire Boulevard. [Urbanize] — Dennis Lynch