The owner of a single-family property a few blocks northeast of the Vermont / Beverly Metro station has plans to redevelop it with a five-story, 17-unit apartment project, according to plans filed with the city of Los Angeles this month.
Named Madison Apartments in planning documents, the Hollywood development would take shape at 557 N. Madison Ave. and is being led by project applicant and owner Grace Kwok of Arcadia-based Magnolia Dev LLC. Plans call for an approximately 18,000-square-foot, 54-foot-tall development with 17 two-bedroom apartments ranging in size from 766 to 900 square feet and one underground level of parking with space for 15 automobiles.
The development team is seeking Tier-3 project incentives under the city’s Transit Oriented Communities Incentive Program, including an eight-unit, or 70-percent, density bonus and a 22-foot height increase to the planned maximum of about 54 feet. Two apartments would be reserved for extremely low-income households in accordance with the TOC program, plans show.
The project would also provide about 2,000 square feet of common open space, including two recreation rooms, as well as space for 20 bicycles.
Also involved in project plans is architectural firm PDS Studio, application documents indicate.
