Investor shifts to development, eyes apartments, recording studio in South LA

Oliver Omidvar plans 150K sf makeover on Florence Avenue

Los Angeles /
Jan.January 06, 2022 01:00 PM
Oliver Omidvar in front of 2710-2804 West Florence Avenue (Royalty Lenders, LoopNet, iStock)

Investor Oliver Omidvar is entering the ground-up residential development space with plans for a $50 million, 120-unit apartment complex in Downtown Los Angeles, the Real Deal has learned.

Omidvar, who also runs a real estate lending company called Hope & Co. Business Capital, is taking on a different role for an assemblage at at 2710-2804 West Florence Avenue. He plans to build a 150,000-square-foot apartment complex with commercial space for a music studio on the ground floor.

Omidvar closed on the site on December 31. He paid $2.5 million for the package, which includes three stand-alone, single-tenant buildings along with a multi-tenant property with six units. The structures sit on a lot that is 35,000 square feet in size.

“The area has a lot of promise, Omidvar said, noting the site’s proximity to SoFi Stadium and the Forum, both in neighboring Inglewood.

One of the tenants at the existing property is RZN Recording Studio, which has a location at 2724 West Florence Avenue. Omidvar said that he is negotiating for the studio to relocate to the 25,000-square-foot commercial space planned for the new building.

The project will be in the pipeline for a relatively long period even with the plans currently in hand. The leases for the properties last for another five years. Omidvar said that he plans to start construction only when the leases expire. Before then, the project will be going through the permitting process.

Omidvar’s real estate portfolio mostly consists of value-add projects. He said that the West Florence Avenue would be his first of its scale. He also owns the Los Angeles outpost of Miami restaurant Barton G at 861 North La Cienega Boulevard and the location of Crosspointe Church at 1300 North Kellogg Drive in Anaheim.





    Related Articles

    arrow_forward_ios
    AEG CEO Dan Beckerman and the Ritz-Carlton and JW Marriott hotels at the complex at 800 West Olympic Boulevard (Getty, Google Maps)
    AEG looks to sell stake in LA Live hotels
    AEG looks to sell stake in LA Live hotels
    Randy Kendrick, chief executive officer, Xebec Realty, and 12975 Bradley Avenue in Sylmar, CA (Xebec Realty, LoopNet)
    Xebec looks to flip Sylmar industrial to self
    Xebec looks to flip Sylmar industrial to self
    The CitizenM hotel in Los Angeles (Booking)
    California starts to refill hotel development pipeline
    California starts to refill hotel development pipeline
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Distress specialist buys Santa Barbara hotel
    Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
    CAA picks JMB Realty’s new Century City tower for HQ
    CAA picks JMB Realty’s new Century City tower for HQ
    Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
    Staley Point, Bain spring for beer bash
    Staley Point, Bain spring for beer bash
    Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
    Rexford’s latest in South Bay brings 307K sf
    Rexford’s latest in South Bay brings 307K sf
    Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    Here’s how Microsoft will expand its SoCal office footprint with Activision
    arrow_forward_ios

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

    Loading...