A low-key part of central Los Angeles could become even denser under a developer’s new plans for a massive apartment complex.
The full plans for OlivePoint Capital, a small Los Angeles- and Denver-based investment and development firm, have not been posted on the Los Angeles city planning website, but the firm filed a document Wednesday calling for an eight-story building that will include 138 apartments, a restaurant and retail space. The project applicant is Adrian Bejarano, co-founder and partner at OlivePoint.
The 111,000-square-foot project will include 14 units dedicated to very low-income tenants, in line with the city’s popular Transit-Oriented Neighborhoods program, which offers developers density and other zoning bonuses for proximity to public Transportation projects that include a certain percentage of affordable units. OlivePoint’s project is located at 6075-6099 West Pico Boulevard, a busy area of Central Los Angeles in the small community of Carthay, between Mid-Wilshire and Pico-Robertson.
This is a section of Pico, a busy high street that includes a post office, Chinese and Indian restaurants, auto shops and salons. Before construction begins, the developer will have to demolish the existing single-story commercial building, which dates from 1938 and appears to have tenants, which include a gym, ballet school and adult daycare center.
This downtown neighborhood has caught the eye of one of Los Angeles’ prominent developers: Just a few weeks ago, Jamison, the firm responsible for creating modern, high-density Koreatown, submitted a proposal to revamp a 17-story office building on Wilshire Boulevard. plans, the office building is located about a mile north of Los Angeles. OlivePoint’s Pico project, a 210-apartment complex.
An entity affiliated with OlivePoint bought the 0.7-acre West Pico site in 2017 for $9.5 million, according to property records.