Opportunity Zone Project Pitched For Wilshire Center Area By OZ Fund

Project developer Bluestone Capital plans on using modular construction for the newly proposed project.
Bluestone Capital's 226 N. Catalina St. rendering
Rendering: Official

Private equity real estate firm and Qualified Opportunity Fund Bluestone Capital is looking to build a five-story, 17-unit apartment community at 226 N. Catalina St., according to application paperwork filed with the city of Los Angeles earlier this month. The Beverly Hills-based company’s project, named Catalina Apartments, would rise in one of the several Opportunity Zones in the Wilshire Center area.

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Located three blocks from the Vermont/Beverly Metro Station, the project would utilize a handful of bonuses available under the city’s Transit-Oriented Communities Incentive Program for projects within half a mile of major transit stops.

Current plans for Catalina Apartments include a 70-percent density increase (or additional seven units) and a two-story height increase by reserving three units for households at very low-income levels. The project would also feature a subterranean level of nine parking stalls or just over half a parking space per unit.

The 16,465 square feet of new construction would follow the demolition of the site’s existing three-unit apartment complex. Bluestone’s plans include a unit mix of five studios, eight one-bedroom, three two-bedrooms, and one three-bedroom over the first level of parking. The developer also plans on using modular construction, with about 80 percent of building work occurring off-site, according to Bluestone Capital principal Bobby Shokri.

Warren Techentin Architecture is listed as the architect in project application filings, with Potting Hill Landscape Design serving as the development’s landscape architect.

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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