Investors Simon Lazar and Saman Mostadim plan to redevelop a Culver City telecommunications facility into a 184-unit apartment complex.
The property, across from Sony Studios at 10501-10533 West Washington Boulevard, is the proposed site for an eight-story, 152,600-square-foot building, according to documents filed with the Los Angeles City Planning Department. The planned project will include 18 studio units, 124 one-bedroom units and 42 two-bedroom units. A total of 19 units will be reserved for low-income tenants.
The ground floor of the proposed structure will house a restaurant. The planned building will also have a level of underground parking, as well as additional parking spaces on the ground floor and ground floor.
Proposed sites include 10509 Washington Boulevard, which was previously occupied by broadcast service Globecast.
A portion of the site, 10509-10527 Washington Boulevard, previously sold for nearly $19 million, according to a listing on LoopNet. This portion of the property hosts three commercial buildings totaling 16,500 square feet on four contiguous lots. At the time, the complex was positioned as an office or retail redevelopment opportunity. The site is also being offered as a residential conversion project that will add to the 1,378 apartments under development in the area.
Lazar and Mostadim bought the property last month. To finance the acquisition, the partners secured an $8 million loan from the Israel Discount Bank of New York.
Lazar is principal of residential landlord Helio. According to its website, the company has a total of eight properties in Los Angeles. Its portfolio includes Coda at 3833 Dunn Drive in Culver City and Venue at 3688 Overland Avenue.
