AB 1287 will boost units in the eight-story building by more than 10%, with fewer affordable options
Cityview’s Sean Burton; 6136 West Manchester Avenue (Getty, AC Martin, Cityview)
Oct 24, 2024, 2:56 PM
By TRD Staff
https://therealdeal.com/la/2024/10/24/cityview-seizes-state-density-bonus-for-westchester-project/
Cityview will employ a state density bonus to build more apartments with fewer affordable units at a proposed eight-story complex in Westchester.
The Century City-based multifamily developer led by Sean Burton will use Assembly Bill 1287 to file revised plans for a 489-unit apartment building at 6136 West Manchester Avenue, Urbanize Los Angeles reported.
Its previous proposal called for an eight-story building with 441 apartments, 16,000 square feet of ground-floor shops and restaurants and parking for 549 cars.
The developer would have used a density bonus to build a larger building than zoning rules allow in exchange for 66 units of affordable housing for very low-income households.
But then came AB 1287, which went into effect this year, allowing developers to include up to twice as many units in a project as local zoning allows, as long as it includes a certain percentage of affordable housing.
So Cityview re-penciled its plans — factoring in a density bonus of 85 percent after the law, versus 67 percent before.
The result: an 11 percent increase in apartments allowed by the new density bonus law, with a 3 percent reduction in affordable housing, to 64 units.
The move joins a growing number of developers adding more units to make their projects pencil out because of tough market conditions.
The size of the building, designed by Downtown L.A.-based AC Martin, would stay the same. The boost in density would come by cutting the number of one- and two-bedroom units for more studio apartments.
The gray and white project, to serve as a gateway to the neighboring Westchester Town Center, would include a podium-level courtyard, numerous terrace decks and a pool.
Pending approvals, construction is expected to begin next year, with completion expected in 2027.
The project may set the table for redevelopment of other sites on the east side of Sepulveda Boulevard, according to Urbanize. Developments are set to replace parking and commercial buildings in the adjoining retail district with senior apartments and affordable housing.
Cityview, founded in 2003, has invested in 130 apartment complexes and now has 6,000 units under management in California, Oregon, Washington, Utah, Colorado, Arizona and Texas, according to its website.
In January, the firm bought six apartment buildings in Los Angeles and West Hollywood from New York-based Blackstone for a combined $63 million.
— Dana Bartholomew