OlivePoint Moves on Second Apartment Site on LA’s West Pico

OlivePoint Capital is on the move, with plans to build a second apartment building in L.A.’s Carthay.

The Encino-based developer has filed plans to build a 122-unit complex at 5903-5925 West Pico Boulevard, Urbanize Los Angeles reported. It would replace a vacant lot.

The proposal comes a month after OlivePoint submitted plans to build an eight-story, 138-unit complex down the street at 6075-6099 West Pico, The Real Deal reported. It would replace a one-story building built in 1938 containing a gym, ballet school and adult day care center.

The latest plans on a nearly two-thirds-acre lot include a similar eight-story building between Hi Point Street and Hayworth Avenue, in the Central L.A. neighborhood.

Plans call for 122 studio, one- and two-bedroom apartments above 3,400 square feet of ground-floor shops and restaurants. A three-level underground garage would serve 187 cars.

OlivePoint, founded a year ago in June, aims to employ the city’s Transit Oriented Community incentives to build a building bigger than zoning rules allow in exchange for 13 affordable apartments for extremely low-income households.

The project, designed by DesignArc of Cheviot Hills, would include a rooftop deck with a swimming pool, spa, lounge and gym with floor-to-ceiling windows, according to a rendering.

The OlivePoint projects join a building boom along Pico, between La Cienega Boulevard and Fairfax Avenue, where similar projects from Cityview and Wiseman Residential are now under construction, according to Urbanize.

Pico Fairfax, a development firm led by Fred Farzan, has proposed knocking down a 21-year-old commercial building at 5879 West Pico and replacing it with a seven-story, 50-unit apartment complex.

— Dana Bartholomew