Three years after acquired an entitled development site in the Westlake neighborhood, Intergulf Development Group will reportedly break ground this summer on long-proposed multifamily residential building.
Commercial Observer reports that the Vancouver-based real estate firm recently secured a $66 million construction loan for the construction of a new project at 495 S. Hartford Avenue. Plans approved more than five years ago by the City of Los Angeles permit the construction of a seven-story, 218-unit apartment complex above a two-level subterranean parking garage with space for more than 200 vehicles.
The project was entitled using density bonus incentives, permitting a larger structure than allowed by zoning rules. In exchange, 36 of the new apartments are to be reserved as affordable housing.
The loan, reportedly provided by Churchill Real Estate, will permit construction to move forward with an anticipated completion date in 2024.
City records indicate that IBI Group is designing 495 Hartford.
The project site, located just north of 6th Street, sits a short walk from the Hartford Villas, a 100-unit affordable housing complex recently built by SRO Housing Corp.
- Westlake (Urbanize LA)