Developer Izek Shomof, one of the godfathers of DTLA’s renaissance, is planning a new multifamily project in Chinatown.
Shomof’s Pacific Investment Group filed plans Monday for a 122-unit, seven-story mixed use complex at the corner of Alpine and Spring Streets.
The project would also include 4,200 square feet of ground floor commercial space, as well as three levels of parking and storage for 124 bicycles. As part of its density bonus request, six of the units would be reserved for very low-income households, according to the plans, which were filed by Pacific using the corporate entity Grand Pacific 7-28 LLC.
Pacific acquired the half-acre lot at 211 West Alpine Street for $4.25 million in February, according to CoStar. It’s 85 percent occupied by several tenants, including a beauty salon and Thai restaurant.
Known for his historic residential conversions, Shomof’s latest major undertaking is the redevelopment of the site of the Boyle Heights Sears building at 2650 East Olympic Boulevard. Once complete, the project is slated to feature a 10-story, 1.8-million-square-foot complex with 99,000 square feet of retail space in addition to the 250,000-square-foot Sears storefront.
Shomof, a native of Israel, was among the first investors to take interest in revitalizing DTLA. Since the 1990s, he has restored multiple structures in Historic Core, including the Premiere Towers at 621 South Spring Street.
Shomof and Pacific Investment did not immediately respond to requests for comment.