A seven-story condo building is planned at the site of a Cypress Park convenience store.
Beverly Hills developer FDZ Partners LLC filed plans for the 100-unit mixed use building at 3836 N. Figueroa Street with the city on Wednesday. Five stories of condo units would be built above a two-level podium with parking, amenities, and “14 bi-level commercial units,” according to the filing. Planned amenities include a communal kitchen, pool, and roofdeck.
The site sits at the corner of Pasadena Avenue and is about a five minute walk from the Metro Gold Line’s Heritage Square station. The developer plans to take advantage of the location with unspecified bonuses through the city’s Transit Oriented Communities program.
The program provides incentives such as density bonuses for projects that include a certain percentage of units the city deems affordable. The filing also does not specify the number of units that will be set aside as affordable.
FDZ Partners is registered to an individual named Frank Zarabi. The company purchased the property in November for $3.5 million. FDZ was active in San Diego in 2014, when it purchased a retail property for $5.3 million with plans to add residential units to the site. FDZ sold the property two years later for $7 million to a local buyer with similar plans.
Frank Zarabi is the name of the founder of an apparel manufacturing business based in Bell, near Commerce, although it’s unclear if that is the same person.
Cypress Park is generally a less-expensive place to rent than neighborhoods further west, but it is located near neighborhoods that have seen rapid growth over the last decade or so, like Echo Park and Silver Lake Median rent for a one-bedroom apartment in Cypress Park was $1,600 in February, up 14 percent from February of 2017, according to Zumper, the apartment rental site.