The lot at 5530 Virginia Avenue (Credit: iStock and Google Maps)
A residential developer has big plans for one block in Hollywood.
Bang Ja Kim has proposed a 64-unit multifamily development at 5530 Virginia Avenue, according to city records. That would stand next door to a 60-unit residential construction he also wants to build, Urbanize previously reported.
His latest filing with the city calls for a six-story building with 10 units set aside for “extremely low income” renters. Kim is asking for incentives through the city’s Transit Oriented Communities program in exchange for the affordable units. He wants a 70 percent density bonus and a parking reduction to 0.5 spaces per unit.
The site is now a parking lot of about 15,000 square feet. Kim is a longtime owner, with property records showing he bought it in 1995 for $450,000.
Major developers in have focused on areas of the neighborhood closer to Hollywood Boulevard, where more dense building is allowed. Many projects in Hollywood have a ground-floor retail component as well.
Last month, Bond Companies filed for a 200-unit residential project with ground-floor retail on Cassil Place.
The most recent Virginia Avenue planned development is typical of TOC projects; they are midsize lot developments around or under 100 units. The city program has been popular, especially in nearby Westlake, Koreatown, and Silver Lake.
Source: The Real Deal Los Angeles