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Plans for a five-story, 20-unit multifamily project at 1447 S. Hi Point St. have officially received approvals from the Los Angeles planning department, according to a determination letter filed by the city last week. The project applicant and property owner is Hi Point M LLC, an entity registered to the offices of TOV Equities, a real estate investment firm that is also shown as the project representative for the residential development.
Located less than half a mile to the southwest of Fairfax Avenue and Pico Boulevard, the Hi Point project will contain two one-bedroom units, 10 two-bedroom units, and eight three-bedroom units over one subterranean level of underground parking. As a qualifying Tier-3 project under the city’s transit-oriented communities program, the project includes a 70 percent density bonus and increase in height of 22 feet to 57 feet. The Hi Point project will set aside two of its units for households with extremely low incomes.
Along with 24 automobile parking spaces and 22 bicycle parking spaces, 1447 S. Hi Point plans call for about 2,500 square feet of open space, including an approximately 600-square-foot fifth-floor garden. The 8,838-square-foot project site currently holds one single-family home to be demolished.
Based in LA, TOV Equities works on multifamily, office, industrial, and mixed-use projects around the county and specializes in deals of less than $25 million, according to its website. It has worked with Glendale architecture firm Uriu & Associates on 1447 S. Hi Point, project plans show.