A local real estate investment firm is looking to redevelop surface parking lot in Westlake with a mixed-use apartment building, according to plans recently submitted to the City of Los Angeles.

The proposed project, slated for a .76-acre property at the southwest corner of James M. Wood Boulevard and Beacon Avenue, calls for the construction of a new seven-story, 120,000-square-foot building containing 145 apartments and 2,000 square feet of ground-floor commercial uses.

Requested entitlements include Transit Oriented Communities incentives permitting increased floor area and density, as well as a decreased in required automobile parking.  In exchange for the bonuses, a total of 15 apartments would be set aside as affordable housing at the extremely low-income level.

City records list the owner of the project site as an entity affiliated with Beverly Hills-based Triumph Properties Group.  According to the company's website, it also controls several neighboring sites along James M. Wood Boulevard.

The project site located one block southwest of the intersection of 8th and Valencia Streets, where local developer 4Site Real Estate is planning a similar mixed-use apartment complex.