A Sherman Oaks-based developer is planning a 65-unit apartment building in North Hollywood.
An individual named Nir Paz, working through Clement 1 LLC, filed plans for the project at 5110 N. Bakman Avenue on Friday. The project takes advantage of available Transit Oriented Communities incentives, which provide density bonuses and more for projects that build affordable units near transit.
In this case, Paz is planning 14 affordable units at varying levels of affordability based on Area Median Income. A 14-unit apartment building would be demolished to clear the lot for the new development. The site is near two parks and Route 170.
North Hollywood’s relatively affordable real estate, and its proximity to popular neighborhoods like Los Feliz and Hollywood, have made it popular among small-lot developers. The Delijani family is building there and developer Leon Kaplan has two projects in the works, including a 48-unit condo project.
Paz purchased the site last May for $4.1 million from Hillcrest Company, a Sherman Oaks-based developer and manager. The firm’s owns properties in and out of L.A. and its local portfolio includes properties in Downtown L.A. In 2017 it redeveloped an industrial building in the Arts District into 57 live/work lofts.