A low-profile section of Central L.A. could become more dense, based on a developer’s new plans for a major apartment complex.
The full plans by OlivePoint Capital, a small investment and development firm based in L.A. and Denver, have not yet posted on the City of Los Angeles planning website, but the firm filed paperwork on Wednesday for an eight-story building that would include 138 apartments, a restaurant and retail space. The project applicant is Adrian Bejarano, an OlivePoint co-founder and partner.
The 111,000-square-foot project would include 14 units dedicated to extremely low income tenants, in line with the city’s popular Transit Oriented Communities program, which grants developers density and other zoning bonuses for projects located near public transit that include a certain percentage of affordable units. OlivePoint’s project is located at 6075-6099 West Pico Boulevard, at a busy section of Central L.A. in the small neighborhood of Carthay, between Mid-Wilshire and Pico-Robertson.
It’s a stretch of Pico, a busy commercial street, that includes a post office, Chinese and Indian restaurants, auto shops and salons. Before construction, the developers will have to demolish an existing one-story commercial building that went up in 1938 and appears to have tenants that include a gym, ballet school and adult day care center.
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The centrally located neighborhood has attracted attention from one of L.A.’s preeminent developers: Just weeks ago Jamison, the firm responsible for creating modern day, highly dense Koreatown, filed plans to transform a 17-story office building on Wilshire Boulevard, about a mile north of OlivePoint’s Pico project, into a complex with 210 apartments.
An entity affiliated with OlivePoint bought the 0.7-acre West Pico site in 2017 for $9.5 million, according to property records.