A developer filed plans last month for a six-story, 67-unit apartment project near the intersection of West Olympic Boulevard and South Lake Street, according to planning case documents posted by the city of Los Angeles this month.
The proposed Westlake project would replace a surface parking lot at 946 – 952 S. Lake Street and is being led by applicant and property owner Pacific 938 Lake LP, an affiliate of Safco Capital, which is a real estate company led by John Safi. Designed by architecture firm Albert Group Architects, plans call for 43 studio apartments, 21 one-bedrooms, and three two-bedrooms in an approximately 88-foot-tall, 50,000-square-foot multifamily building.
The development team is seeking Tier-3 project incentives under the city’s Transit Oriented Communities Incentive Program, including a 25-percent reduction in required open space. It would reserve seven units for extremely low-income households in accordance with the TOC program, plans show.
Named Lake Street Residences in planning documents, the new community would also provide about 5,150 square feet of common open space, including a 1,873-square-foot roof terrace and two additional terraces on the mezzanine floor totaling 1,780 square feet.
Also involved in designs for the planned development is Viriditas Design, the landscape architect, plans show.
The project would provide above-grade and subterranean parking for 52 automobiles, as well as 54 long-term bicycle spaces.
Safco Capital is also the developer behind approved plans for The ParkView, which will be a 264-unit mixed-use apartment development in MacArthur Park.
