Urban Stearns’ Lee Rubinoff and an aerial shot of the property (Credit: Google Maps)
In one of the tightest multifamily markets in the country, the bonuses awarded in Los Angeles’ Transit Oriented Communities program are continuing to attract developers now 22 months after it launched.
Urban Stearns, a mixed-use and multifamily developer, submitted plans with the city to build a 60-unit apartment building at 218-224 N. Alvarado Street, just south of Echo Park in Historic Filipinotown. With six units designated for extremely low-income households and the site’s proximity to public transportation stops, the project qualifies for tier-two incentives from the city.
If approved, the existing residences and duplexes would be demolished to make way for the six-story, 43,500-square-foot development. An LLC that’s tied to Urban Stearns’ Steve Cohen purchased the three parcels in three deals throughout 2018 for a combined $2.62 million. The project application was filed by Urban Stearns’ managing partner Lee Rubinoff.
In nearby Rampart Village, affordable developer LINC Housing is planning to build a 64-unit project at 3200 W. Temple Street. On the smaller side, owners Sam Kahan and Jerome Berger are planning a 14-unit project at 320 N. Mountain View Avenue in Filipinotown.
In April, Urban Stearns purchased a 30,000-square-foot multifamily development site from Harbor Shoreline LLC for $3.9 million, according to CBRE. That site is on the coast in San Pedro in a federally designated Opportunity Zone, which allows additional capital gains incentives for investors, and it also qualifies for tier-two TOC bonuses. Urban Stearns is planning to secure entitlements for 120 units and retail space at the site.