Onni Group buys Miracle Mile retail for multifamily development
Up to 430K sf could be built on 1.4-acre site
Canadian developer and multifamily investor Onni Group has scored a prime spot on the Miracle Mile strip of Wilshire Boulevard to build a new residential complex.
The firm purchased the1.4-acres at 5350 Wilshire Boulevard for an undisclosed sum with plans to redevelop it into an apartment complex, according to CBRE, which brokered the deal on behalf of the seller.
Onni Group did not respond to a request for comment.
Two owners — listed in public property records as the Meghrigian family and the Yoon family — sold the property, which stretches along Wilshire from Cloverdale Boulevard to Detroit Street. The site houses a wig store, a U.S. Post Office and other small restaurants and retail shops.
The Miracle Mile district runs along both sides of Wilshire between Highland and Fairfax avenues, running from Hancock Park to the Museum Row area. The site Onni acquired is also located less than a block from the future La Brea Wilshire Station of Metro’s Purple Line extension, which will connect Downtown Los Angeles and the Mid-Wilshire district to Beverly Hills and Century City, starting sometime next year.
If the firm chooses to take advantage of local transit oriented communities incentives, Onni could build up to 430,000 square feet of residential space, including a set number of affordable units.
Onni could instead choose to take advantage of density bonus incentives, which would see the development of about 346,000 square feet of space, including some affordable units.
The strip of Wilshire Boulevard where the site is located has been ripe for redevelopment for years, attracting a number of investment firms. At 5411 Wilshire Boulevard, real estate developer Walter Marks tore down a Staples store to build a 42-story mixed-use tower, complete with 371 apartments. That tower is set to be completed in 2023, the same year the metro station opens.
The development will mark Onni’s fourth in L.A. In Long Beach, the firm recently bought a 6.2-acre strip mall for $68 million, where it plans to build multifamily housing.
In the Arts District, the firm is building a 347-unit residential tower, with 187,000 square feet of office space.