The collection of new mixed-use apartment buildings lining Pico Boulevard in Carthay and Mid-Wilshire continues to grow.
Los Angeles-based real estate investment firm OlivePoint recently submitted an application to the Los Angeles Department of City Planning seeking approvals for the construction of a new residential-retail complex on a roughly 26,000-square-foot property located at 5903-5925 W. Pico Boulevard. The proposed project, which would span the north side of Pico between Hi Point Street to the west and Hayworth Avenue to the east, calls for the construction of a new eight-story building featuring 122 studio, one-, and two-bedroom apartments above 3,434 square feet of ground-floor commercial space and a three-level, 187-car subterranean parking garage.
Requested entitlements for the project include Transit Oriented Communities incentives to permit a larger building with more housing than would otherwise be allowed by zoning rules. In exchange, 13 of the new apartments are to be set aside for rent as affordable housing at the extremely low-income level.
DesignArc is the architect behind the project, which would be capped by a rooftop amenity deck featuring a swimming pool, a spa, a lounge, and a gym.
The project is the second which OlivePoint has filed for the nearby stretch of Pico in as month months, following a new project slated to rise a few blocks to the west at Alivra Street.
Those proposals join a min building boom along Pico between La Cienega Boulevard and Fairfax Avenue, where similar mixed-use buildings from Cityview and Wiseman Residential are currently under construction. The 5903 Pico site also sits across Hayworth Avenue from a site where a 50-unit apartment building with retail is planned.
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