A new Sustainable Communities Environmental Assessment on plans for an eight-story, 242-unit mixed-use apartment development in Hancock Park outlines an estimated 32-month construction timeline wrapping up in February 2025.
The proposed project is being led by site owner Pacific Springs LLC, which is an affiliate of Thrifty Oil Co., and it would rise at 5001 Wilshire Boulevard, replacing a two-story strip mall and a pair of parking lots to the north that serve the project site’s existing retail uses.
Plans call for a 282,050-square-foot, 105-foot-tall building with 66 studio apartments, 113 one-bedrooms, 62 two-bedrooms, and one three-bedroom, along with 10,900 square feet of commercial space fronting Wilshire Boulevard. The project would also entail about 26,000 square feet of open space, including a privately maintained but publicly accessible common open space area, a courtyard, a roof deck, and amenity rooms, among other features.
Designs for the Wilshire Boulevard plans are being led by project architect TCA Architects, plans show.
The developer is seeking several Tier-3 project approvals through the city’s Transit Oriented Communities Incentive Program, including a 70-percent density bonus. In accordance with the TOC program, it would reserve 25 apartments for extremely low-income households, according to planning documents.
The project would provide 354 parking spaces across three subterranean levels of parking and one ground-level parking area.
