Top 5 recent projects would add 188 units, and were driven in part by city’s Transit Oriented Communities program
original article: https://therealdeal.com/la/2019/02/26/here-are-the-latest-under-50-unit-resi-projects-proposed-in-la-2/
6578 South West Boulevard (Credit: Google Maps)
Incentives for developers from the Transit Oriented Communities program and Opportunity Zones created in President Trump’s tax overhaul are continuing to drive small-scale multi-family development in Los Angeles.
Three of the top five projects recently proposed with less than 50 units applied for bonuses from the TOC program, and two are in designated Opportunity Zones. The city launched the TOC program to provide bonuses for developments with affordable units near transit stops. And being located in an Opportunity Zone creates tax benefits by allowing owners to delay capital gains taxes from early transactions in economically depressed areas.
All together, the top five most-recent projects would add 188 units to the market.
1. 6578 S. West Boulevard | Hyde Park | 47 units
Owner Ronald Mayer and 6604 West Blvd LLC recently applied to build a 47-unit permanent-supportive housing structure in the Hyde Park neighborhood in West Los Angeles. The applicant is applying for tier-3 TOC incentives.
Mayer purchased the property at 6578 S. West Boulevard for $450,000 in November 2015.
2. 1120 S. Corning Street | Pico-Robertson | 43 units
Applicants Corning Suites LLC and the TOV Trust recently filed plans to build a new 43-unit apartment building in the Pico-Robertson area, just south of Olympic Boulevard. Five units would be set aside for affordable households.
The developers are also seeking tier-3 TOC incentives for a 22-foot height increase and 25 percent open-space reduction.
Owner Massoud Rabbanian and Corning Suites LLC purchased the site in October 2016 for almost $3.5 million.
3. 642 3/4 N. Juanita Avenue | East Hollywood | 33 units
Applicant Justin Barth and the entity 636 Juanita Avenue LLC plan to demolish two single-family homes in East Hollywood to construct a 33-unit apartment building, with four units designated for extremely low-income households.
The developers are seeking tier-3 TOC bonuses to increase the building’s height. The project is also located in an Opportunity Zone. Justin Barth and 636 Juanita Avenue LLC purchased the site at 642 3/4 N. Juanita Avenue last October for $2.43 million.
4. 8837 S. Reading Avenue | Westchester | 33 units
Christopher Aillo and Harriman Capital LLC applied to demolish a seven-unit apartment structure at 8837 S. Reading Avenue near LAX. The applicants plan to replace it with a new 33-unit apartment with five very low-income units.
The developers are applying for TOC bonuses to increase the height and reduce open space.
Owners Aillo and SH 88 Reading LLC purchased the site in June 2018 for $1.48 million.
5. 437 N. Avalon Boulevard | Wilmington | 32 units
Owners and applicants Timothy Roth and 435-445 Avalon LLC are planning to build a fully affordable housing structure in the Wilmington neighborhood near Long Beach and Harbor City.
The project will consist of 32 units at 437 N. Avalon Boulevard.
The site was purchased in February 2017 for $350,000, and is located in an Opportunity Zone.