Plans filed earlier this year with the L.A. Department of Building and Safety offer a hint of what Onni Group has in store for a site located just west of the future Wilshire/La Brea subway station.
In May, the Canadian real estate development firm acquired roughly 1.4 acres of property located at 5350-5376 Wilshire Boulevard. According to city records, the property, which includes commercial buildings and surface parking, sold for a combined sum of $30 million in two separate transactions.
While a formal application for entitlements has yet to be filed with the Planning Department, an initial filing to Building and Safety describes the proposed project as a 44-story building containing 419 apartments - including 47 extremely low-income affordable units - above ground-floor commercial space. Onni is looking to entitle the project using Transit Oriented Communities (TOC) incentives, according to the filing.
Although a design for the project has yet to be revealed, the proposed tower is described as featuring 37 residential floors, as well as three levels of podium parking, an amenity level, and four subterranean levels. Under the TOC program, Onni could build a roughly 430,000-square-foot building on the property.
The new tower at 5350 Wilshire would join a handful of new high-rise developments in the works for the Miracle Mile, including Walter N. Marks, Inc.'s proposed 42-story residential tower at 5411 Wilshire Boulevard and Onni's planned revamp of the Wilshire Courtyard property. A more modestly scaled hotel and condominium complex is also planned a short walk east along La Brea Avenue, directly north of the new Metro stop.
Onni, which is headquartered in Vancouver, has spent the past decade building out of a portfolio of large projects in the Los Angeles County. Besides its Miracle Mile projects, the company also behind new office and residential developments at multiple sites in Downtown Los Angeles, Long Beach, and Hollywood.
- Mid-Wilshire (Urbanize LA)