One year after scoring financing to acquire a property at the corner of 12th and Olive Streets in Downtown Los Angeles, Relevant Group is moving forward with the redevelopment of the property - but in a smaller scale than initially envisioned.
In March 2022, Bolour Associates announced an $11.5-million acquisition for the property at 222 W. 12th Street, which was at the time slated for a 16-story, 356-unit modular high-rise, similar to Relevant Group projects which have already been approved for sites at 252 S. Spring Street and 845 S. Olive Street.
However, a revised plan submitted late last month to the L.A. Department of City Planning now points to a shorter development - albeit with more housing. Plans how call for the construction of an eight-story building which would featuring an eight-story, approximately 106-foot-tall building which would feature a total of 405 apartments above nearly 8,700 square feet of ground-floor commercial space.
Requested entitlements include density bonus incentives, permitting relief from certain zoning restrictions. In exchange, 45 of the new apartment would be set aside as affordable housing for rent at the very low-income level.
1200 S Olive StreetGoogle Maps
Application materials indicate that MVE + Partners is designing the proposed apartment complex.
The new development at 12th and Olive would follow numerous projects that have replaced nearby parking lots within the past decade, including the Aven apartment tower and the Wren development, both built by Mack Real Estate Group. That firm also owns several other parking lots in the surrounding vicinity, which slated for redevelopment with apartment and hotel towers.
Relevant Group, in addition to its Downtown apartment projects, is also behind a proposed revamp of the Morrison Hotel on Pico Boulevard.
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