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Development
Los Angeles

Investors plan 184 apartments at Culver City telecom site 

Simon Lazar and Saman Mostadim bought former Globecast building last month

10501-10533 West Washington Boulevard
10501-10533 West Washington Boulevard (Google Maps)

Investors Simon Lazar and Saman Mostadim plan to redevelop a telecommunications facility in Culver City into a 184-unit apartment complex. 

The property, located at 10501-10533 West Washington Boulevard across from Sony Studios, is the proposed site of an eight-story, 152,600-square-foot structure, according to documents filed with Los Angeles City Planning Department. The planned project would include a mix of 18 studio units, 124 one-bedrooms and 42 two-bedroom units. A total of 19 units would be set aside for low-income tenants. 

The ground floor of the proposed structure would feature a restaurant. The planned building will also have one level of subterranean parking as well as additional parking space on the second floor and ground floor. 

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The proposed site includes 10509 Washington Boulevard, which was previously occupied by broadcast services company Globecast. 

A portion of the site, with the address of 10509-10527 Washington Boulevard, was previously up for sale for nearly $19 million, according to a listing on LoopNet. That slice of the property hosted three commercial buildings totaling 16,500 square feet on four contiguous parcels. At the time, the complex was pitched as a redevelopment opportunity for office or retail. The site was also offered as a residential conversion that would add to the pipeline of 1,378 apartments in development in the area.

Lazar and Mostadim bought the property last month. To fund the purchase, the partners took out an $8 million loan from Israel Discount Bank of New York. 

Lazar is the head of residential landlord Helio. The firm has a total of eight properties in Los Angeles, according to its website. Its portfolio includes Coda at 3833 Dunn Drive and Venue at 3688 Overland Avenue, both in Culver City.