In votes taken earlier today, the Los Angeles City Planning Commission has signed off on two projects from a local developer which will bring more than 120 apartments and commercial space to properties located just west of the US-101 Freeway in Hollywood.
The first of the two developments, slated for the intersection of Santa Monica Boulevard and North St. Andrews Place, would replace two small commercial buildings with a new six-story structure featuring 60 studio, one-, and two-bedroom apartments above 2,480 square feet of ground-floor commercial space and a two-level, 64-car basement garage.
Plans rely on density bonus incentives to permit a larger building than would typically be allowed by zoning rules. In exchange, Kim would be required to set aside eight of the new apartments as deed-restricted affordable housing at the very low-income level.
On an adjoining site to the north fronting Virginia Avenue, plans call for a second six-story building featuring an additional 64 studio, one-, and two-bedroom dwellings above parking for 57 vehicles. Like its neighbor to the south, the project relies on density bonus incentives, and would include 10 very low-income units in exchange for bonus floor area, among other concessions.
PQNK is designing both developments, which are portrayed in renderings as contemporary podium-type buildings. Plans call for courtyards, amenity decks, recreation rooms, and private balconies.
At the time entitlements were initiated five years ago, the properties site sat across the street from the proposed site of Paseo Plaza, a mixed-use complex from CIM Group which would have featured 375 apartments and 370,000 square feet of commercial space. In the years since, the land has sold to a joint venture between Bain Capital Real Estate and Bardas Investment Group, which have announced plans for a more than 500,000-square-foot studio and production campus on the property.
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