Beverly Hills-based real estate investment firm Bolour Associates, Inc. has broken ground on a $24-million apartment complex in Silver Lake.
Now rising at 3160 Riverside Drive, the five-story building will feature 65 studio, one-, and two-bedroom apartments in addition to amenities such as a gym, a club room, and a swimming pool.
City records list the development's architect as AFCO Design.
Though construction only began this month, the entitlements for the current project date back to 1991. Those existing building rights made the roughly 30,000-square-foot site attractive to Bolour.
“Entitlements are difficult in California, and it is especially difficult to entitle property in a community such as Silver Lake,” said Adam Eisenberg, Bolour's head of acquisitions.
The developer was able to package those existing building rights with state density bonus incentives - granted in exchange for setting aside some of the apartments as affordable housing - to achieve the now-under-construction project.
Bolour has invested in numerous mixed-use and multifamily residential developments across the Los Angeles area. Their notable past projects include the AMP Lofts in the Arts District, a stalled pre-recession development which Bolour revived in 2013.
- Silver Lake/Echo Park Archive (Urbanize LA)