A mixed-use apartment complex is slated to rise on a Pico-Robertson development site that traded hands less than a year ago and marked one of the most expensive lot sales in the area in years.
BWB Pico LLC, an entity associated with Sherman Oaks-based home builder BW Brody Affiliated Companies, submitted an application to the Los Angeles Department of City Planning to demolish existing commercial buildings and clear on-site parking areas and construct a two-building complex with 242 residential units at 9700-9740 West Pico Boulevard, Urbanize Los Angeles reported.
BW Brody’s plans call for a mix of one- to three-bedroom floor plans above 4,150 square feet of ground-floor retail and a 397-space subterranean parking garage. Both buildings would rise eight stories. The developer is requesting entitlements including density bonus incentives to build larger than normally allowed by zoning laws in exchange for 11 affordable apartments for rent at the very low-income level. Planned amenities include courtyards, a rooftop deck and recreation rooms.
BW Brody purchased the 1.7-acre property last year for $24.3 million. At $13.9 million per acre, the sale is one of the priciest lot sales in Los Angeles in years for properties exceeding 1 acre, CoStar reported. Total construction costs and an estimated timeline for completion has not been disclosed.
About a mile east in Pico-Robertson, Terra Capital is looking to build a similar multifamily project at 1233 South Bedford Street. The New York-based real estate private equity firm is looking to raze an existing fourplex at the site to make way for an eight-story building containing 44 studio, one-, two- and three-bedroom apartments above parking for 24 vehicles. As with BW Brody’s proposal, the developer is seeking density bonus incentives in exchange for nine low-income apartments. That effort is the second time in a year that a developer has tried to build housing at the South Bedford Street site after Hestia Housing Company filed to build the seven-story Hearthside Commons with 36 one-bedroom apartments last spring.
Affordable units make up a sizable piece of new housing built in Los Angeles as the city ranks among the top 10 in the country that is building units for low-income households, per RentCafe data. Between 2020 and 2024, roughly 20.5 percent of all apartment construction in the L.A. metro area were affordable units.— Chris Malone Méndez
Read more
Residential
Los Angeles
Terra Capital plots more multifamily on Westside
Residential
Los Angeles
BW Brody wants apartments for $24M lot near Beverly Hills
Residential
Los Angeles
LA ranks among top US cities building affordable housing: RentCafe