Developer plans 75-unit affordable complex in Pico-Union

Project seeks city incentives, and may seize on federal Opportunity Zone designation

Los Angeles /
Dec.December 07, 2020 02:00 PM
The lots of land to be developed to affordable housing  (Google Maps, Los Angeles Transit)
The lots of land to be developed to affordable housing (Google Maps, Los Angeles Transit)
 

A developer is planning to build a 75-unit rental complex in Pico-Union that would be 100-percent affordable.

HM Land Development, a Delaware-based LLC, filed a proposal for 1228-1240 South Normandie Avenue, near the intersection with Pico Boulevard. The site consists of three lots totaling less than a half-acre of land.

HM Land Development is tied to Calabasas-based law firm Cornelius & Cohanghadosh, according to property records. The law firm did not immediately return a request for comment.

The Pico-Union properties are now owned by an entity managed by a different Delaware-based LLC, HM Land Development OZ Fund; it is tied to the same law firm. Delaware’s laws regulating limited liability companies are some of the most flexible in the country, making it a welcome place for businesses.

The properties were purchased in July for $3.5 million. The three parcels now consist of an existing duplex, a single-family home, and three-unit building developed.

The owner’s OZ Fund name suggests it had intended to develop the project through the federal Opportunity Zones program. Investors in eligible projects nationwide can defer and in some cases waive capital gains taxes on their development.

The recent filing also includes a handful of entitlements requested through Los Angeles’ Transit Oriented Communities program. That program allows developers to build out their projects outside of current zoning codes in exchange for reserving a percentage of units as affordable. The developer is seeking base incentives, including a density bonus, as well a height increase and reductions, records show.

 

Related Articles

arrow_forward_ios
Westwood developer plans apartments in South LA
Westwood developer plans apartments in South LA
Westwood developer plans apartments in South LA
Renderings of 1925 W. Temple Street (West Temple Plaza)
Filipinotown strip mall eyed for residential
Filipinotown strip mall eyed for residential
Renderings of the project (Los Angeles City Planning)
27-unit apartment complex eyed on single-family lot in Los Feliz
27-unit apartment complex eyed on single-family lot in Los Feliz
603 Mariposa Avenue and Housing Diversity Corporation's Brad Padden (Google Maps, Housing Diversity Corporation)
Seattle micro-housing developer extends LA push in Koreatown
Seattle micro-housing developer extends LA push in Koreatown
Renderings of the project and TRJLA CEO Kevin Chen (Los Angeles City Planning / AC Martin)
Fashion entrepreneur sketches 411-unit apartment complex in Chinatown
Fashion entrepreneur sketches 411-unit apartment complex in Chinatown
BH investor goes Hollywood in link with construction vet
BH investor goes Hollywood in link with construction vet
BH investor goes Hollywood in link with construction vet
CIM continues South LA push
CIM continues South LA push
CIM continues South LA push
Bow West Capital founder Sean Beddoe and renderings of the project (HKS)
Bow West snags City Planning approval for 200-unit tower project
Bow West snags City Planning approval for 200-unit tower project
arrow_forward_ios

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

Loading...