A parking lot and small commercial building just south of Hollywood Boulevard is slated for a multifamily residential development, according to plans submitted last week to the City of Los Angeles.
The project site, located at 1601-1647 N. Las Palmas Avenue, calls for the construction of an apartment complex featuring 202 residential units - including 69 which would be reserved as low-income affordable housing.
In addition to density bonus incentives to allow for increased height and reduced setback requirements, developer R.W. Selby & Co. is seeking streamlined permitting in accordance with SB 35. The statewide legislation, signed into law in 2017, requires project approvals for eligible developments with 150 or more residential units within 90 days.
Brentwood-based R.W. Selby & Co. acquired the approximately 28,000-square-foot project site in 2013 for just over $4 million.
The developer previously initiated entitlements for an 86-unit apartment complex on the same property in 2016, but its application was terminated due to inactivity two years later.
Multiple mixed-use and multifamily residential developments are now under construction nearby, including Mill Creek Residential's neighboring Modera Hollywood apartments, and a 224-unit development from Jamison Services two blocks north along Las Palmas Avenue.
South across Selma Avenue, a $1-billion high-rise development featuring office space, housing, a hotel, and retail is slated for land flanking the iconic Crossroads of the World complex.
- Hollywood (Urbanize LA)