The PICO Neighborhood Council Land-Use Committee Thursday evening will review plans for a seven-story, 40-unit mixed-use apartment project in the Picfair Village area, its meeting agenda this week shows.
Proposed by an affiliate of real estate investment firm APPA Real Estate earlier this year, the project would replace two structures at 5560 – 5566 W. Pico Boulevard and 1401 S. Curson Avenue: a single-story, 1,500-square-foot commercial building and a four-unit residential building. The two-parcel site is owned by a pair of entities formed by Michael Reinis, according to state business filings.
The neighborhood committee will review and discuss a presentation from project representatives and potentially act on the development team’s plans with a vote on Thursday, according to the agenda.
APPA Real Estate’s plans call for 12 studio apartments and 28 one-bedrooms. Four units would be set aside for extremely low-income households. In addition, all apartments would be subject to rental increase limitations of generally between 1 percent to 3 percent per year based on the city of Los Angeles’ price index and pursuant to the Rent Stabilization Ordinance, according to neighborhood council documents for the proposed development.
Apartments at 5560 West Pico Boulevard would be over about 1,350 square feet of restaurant and retail space and come with 25 parking spaces. Residents would also have access to about 3,200 square feet of on-site open space and amenities including community rooms, a gym, and a roof deck, the latest plans show.
Plans call for a project reaching a maximum height of about 82 feet.
Los Angeles-based Khal Khaireddin Architects is the architect for the proposed development, which would also include space for 47 bicycles, plans show.
