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Greater Cypress Park Neighborhood Council members Tuesday night will review plans for NELA Plaza, a 100-unit condominium project proposed by Beverly Hills-based architecture and development firm Naim Associates. First proposed in 2018, the seven-story project would feature five levels of residential units over a two-story podium at a triangular lot bordered by Figueroa Street, Pasadena Avenue, and Avenue 39 in Cypress Park. The property owner is FDZ Partners LLC, a company registered to Frank M. Zarabi, founder and president of developer Envision Hotel Partners.
Project plans call for a 70% density bonus of 41 units pursuant to Tier-3 project status under Los Angeles’ Transit Oriented Communities Incentive Program, with the unit mix being 13 studios, 15 one-bedrooms, 62 two-bedrooms, and 10 three-bedrooms. Rising 72 feet and totaling about 120,000 square feet, the building would include about 14,000 square feet of retail, 99 parking spaces, and 131 bicycle spaces.
M. Michael Naim of Naim Associates is also the project architect. Naim Associates was founded in 1989 and has “purchased, designed, entitled, developed & marketed in excess of 1,000 of luxury multi-family residential units,” according to its website.
Based in Long Beach, Zarabi’s Envision Hotel Partners was founded in 2015 and specializes in hotel investment, development, and management.
NELA Plaza designs include about 25,000 square feet of amenities. Lounges, a community hall and kitchen, and a dog room would be on the first floor, while the second floor would include a community room, gym, screening room, business center, and meeting room. The community would also have a lap pool, sundeck, water jet tub, BBQ, and wet bar.
FDZ Partners recorded a $3.5 million purchase of the project site, which currently holds about 5,000 square feet of commercial building and two residential units, in 2017, according to county property records.