Investors Plan 88-Unit Normandie Avenue Project In Opportunity Zone

The six-story TOC project would likely be eligible for tax-advantaged Opportunity Zone investment
Normandie Residence Rendering
Rendering: Official

A pair of property owners have plans for an 88-unit multifamily project at 100-118 S. Normandie Ave. in a Central Los Angeles Opportunity Zone census tract, according a planning department case filed this month. The applicant is listed as Jonathan Harouni of Normandie 110 LLC, which owns the project site along with 100 Normandie Avenue QOZB PropCo LLC, a company registered to commercial real estate executive Randy Banchik, business filings with the state of California show.

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The four-parcel project site currently contains two single-family residences, a duplex, and a fourplex, each of which would be demolished to make way for a new 81,702-square-foot, approximately 71-foot-tall residential building. The project applicant is seeking Tier-2 project incentives under the city’s transit-oriented communities program, including a density bonus on top of the 61 units otherwise allowed by base zoning, 20-percent open-space reduction from 10,125 to 8,100 square feet, and reductions in required yard sizes.

Dubbed Normandie Residence in planning filings, the project would contain six studios, 29 one-bedrooms, and 53 two-bedrooms and provide 96 parking stalls in an at-grade and below-grade garage. Designs also call for 82 bicycle parking spots and an amenity package including a 1,019-square-foot gym, 1,202-square-foot courtyard, 621 square-foot recreation room, and a 4,441-square-foot roof deck, which itself would offer lounge furniture, outdoor dining areas, and dipping pools.

The four residential properties making up the project site were purchased in a series of transactions totaling $5.5 million, according to county assessor records from between 2019 and 2020. Located in a federally designated Opportunity Zone, the project could offer long-term investors federal tax breaks as part of the 2017 Tax Cuts and Jobs Act.

Per its Tier-2 TOC request, the developer is planning on setting aside 10 units, or about 11 percent of the six-story project’s total, for extremely low-income households.

Harouni and Banchik are joined by project representative Gary Benjamin, who is the president of consulting firm Alchemy Planning + Land Use, as well as project architect Kevin Tsai Architecture.

Dean Boerner

Dean Boerner

Dean Boerner is a California-based writer previously with Bisnow and the San Francisco Business Times. He received his bachelor's degree in economics and business from Saint Mary's College of California, where he also served as the editor-in-chief of The Collegian, the school's campus newspaper. Before that, he spent two years as the publication's sports editor, and he remains a committed fan, for better or worse, of his Sacramento Kings, San Francisco Giants, and Saint Mary's Gaels.
Dean Boerner

Dean Boerner

Dean Boerner is a California-based writer previously with Bisnow and the San Francisco Business Times. He received his bachelor's degree in economics and business from Saint Mary's College of California, where he also served as the editor-in-chief of The Collegian, the school's campus newspaper. Before that, he spent two years as the publication's sports editor, and he remains a committed fan, for better or worse, of his Sacramento Kings, San Francisco Giants, and Saint Mary's Gaels.

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