The protected tarp has lifted at the southwest corner of Melrose Avenue and Beachwood Drive, revealing the exterior of a multifamily residential development now taking shape across the street from Paramount Pictures.
The mixed-use project, located at the former site of an automobile repair shop, consisting of a five-story edifice featuring 52 apartments and 5,500 square feet of ground-floor commercial space. Plans also call for semi-subterranean parking for 76 vehicles.
Developer Crescent Capital Partners entitled the project with density bonus incentives permitting increased height and floor area beyond zoning limits. In exchange, five of the new apartments will be set aside as deed-restricted affordable housing at the very low-income level.
Cuningham Group is designing the apartment complex, which is clad in materials including cement plaster, metal, and porcelain tile. Setbacks above the podium-level will be used to create open space amenities such as a rooftop deck and a courtyard swimming pool.
Completion of the project is expected in mid-2021, according to a leasing brochure for the ground-floor commercial space.
Crescent Capitals is also affiliated with a proposed hotel development at the corner of Pier Ave and The Strand in Hermosa Beach.
- 5570 Melrose Avenue (Urbanize LA)