A local real estate investment firm is planning a new multifamily residential building just southwest of Metro's Vermont/Beverly Station.
The project, planned at 226 N. Catalina Street in Koreatown, calls for razing a 1920s single-family dwellings and an adjoining duplex to make way for a new five-story edifice featuring 17 residential units.
Bluestone Capital, the developer behind the proposed apartment building, is seeking Transit Oriented Communities incentives to permit a larger building than allowed by the property's base zoning. In exchange, three apartments would be set aside as deed-restricted extremely low-income affordable housing.
Warren Techentin Architecture is designing the project, which would be composed of prefabricated modular units built off-site. Renderings depict a contemporary low-rise structure with a setback on its upper floor used to create a west-facing amenity deck.
The project team also includes Plotting Hill Landscape Design.
Bluestone Capital is pursuing the proposed development due to its presence in an Opportunity Zone, which makes investments in the project potentially eligible for capital gain tax incentives.
Besides the Catalina Street development, a handful of larger mixed-use and multifamily residential buildings are also slated to rise in the blocks surrounding Vermont/Beverly Station, including new projects at 3977 Beverly Boulevard and 201 N. Vermont Avenue.
- Koreatown (Urbanize LA)