Forget 90210. Beverly Hills-based Maxxam Enterprises is getting serious about the Arts District, where the developer recently filed plans for two live-work complexes.
The first project, filed Tuesday, calls for the construction of 172 live-work units in a mixed-use complex on the corner of Imperial and Mateo Streets. The project will also include 23,025 square feet of commercial space.
Spanning just over one acre, the site at 676 South Mateo Street is occupied by a warehouse, which would be demolished before the project breaks ground. In addition to a vesting zone change, Maxxam, under the entity District Centre, LP, applied for an alcoholic sales permit and a 20 percent density bonus. If the latter is granted, about 18 of the 172 units will be set aside for very low-income households.
Filed Wednesday, Maxxam’s second project of the week envisions 218 live-work units and about 22,000 square foot of open space and amenities, including a “resident gallery,” according to city documents.
The near-acre site at 1100 East 5th Street also hosts a warehouse. Maxxam aims for a 20 percent density bonus for this project as well, which requires about 24 units to be set aside for very low-income households. Based on its alcohol sales permit request, up to four establishments in the complex may be bars or restaurants.
It’s likely that Maxxam will take its time developing and holding these properties, according to a source familiar with the firm, regardless of any possible entitlement hiccups.
“They’re fundamental investors who know that in 10 years, this will be a great area,” the source told The Real Deal.
Maxxam acquired this warehouse as part of a portfolio sale for $18 million in July of 2015, according to CoStar. The other asset in the sale was the neighboring warehouse at 1130 East 5th Street. The investment firm spent $14 million last May on the Mateo Street property.
The Beverly Hills company has extensive holdings in the L.A. area, including the Promenade Gateway, a retail and creative office development at 1453 3rd Street Promenade in Santa Monica.
The developer could not be immediately for comment.
Eda Kouch contributed to the reporting