The Los Angeles planning department has issued transit-oriented communities approvals for 1500 S. Hi Point St., where developer The Ketter Group has plans for a five-story, 58-unit project, according to a letter of determination filed last week.
Plans for the entirely vacant, 26,544-square-foot site are for a 57-foot-tall, 70,734-square-foot building with two studios, nine one-bedrooms, 19 two-bedrooms, and 28 three-bedrooms. As an approved Tier-3 project under the city’s TOC program, the project was allowed a 22-foot height increase and 70-percent density bonus for its affordable component and location near a major transit stop. The project will set aside seven units, or 17% of its 34-unit base density, for households at extremely low incomes, and it will be located 700 feet to the southwest of Fairfax Avenue and Pico Boulevard, where Metro 217, Metro Rapid 780, and other bus lines meet.
In planning filings, project applicant FTL Investment Group LLC is listed under The Ketter Group’s Studio City office address and alongside David Levy, a managing principal with The Ketter Group. As an entity of both Ketter’s as well as real estate private equity company Trion Properties’, FTL recently purchased the project site for $7.35 million, the Los Angeles Business Journal has reported.
The project will have 105 automobile parking spaces in two subterranean levels, 73 bike spaces, and 8,818 square feet of open space that includes private balconies and recreation rooms.
The development plans are the second near Hi Point and Saturn Street to receive planning department approval in recent weeks. In late December, a company linked to LA-based real estate investor TOV Equities received approvals for a 20-unit project at 1447 S. Hi Point St.