Platinum Equity wants to bulldoze a century-old home in Beverly Hills to build 10 apartments.
An affiliate of the Beverly Hills-based private equity firm has filed plans to build a four-story apartment complex at 208 North Crescent Drive, just outside the city’s Business Triangle, Urbanize Los Angeles reported.
It would replace a 1,700-square-foot home, built in 1924, according to Zillow.
Plans call for a four-story complex with 10 one-, two- and three-bedroom apartments above an underground parking garage for 13 cars.
Platinum aims to use density bonus incentives to allow a larger building than would be permitted by Beverly Hills zoning rules in exchange for one apartment to be set aside as affordable for a very low-income household.
The project, designed by Kevin Tsai Architecture, would feature a contemporary-style complex with a smooth stucco finish with large panel windows and a rooftop deck. The yellow box-like building would have floor-to-ceiling windows, according to a rendering.
If approved, the apartments would take 20 months to complete.
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Beverly Hills’ Business Triangle, also called the Golden Triangle, encompasses the central urban business and retail section of the city, including Rodeo Drive. It is bounded by Wilshire Boulevard, Santa Monica Boulevard and Canon Drive.
Platinum Equity, led by Detroit Pistons owner Tom Gores, is building new office complexes near the Sixth Street Viaduct in Downtown Los Angeles.
Its proposed apartments would be built just south of a similar condominium building recently completed at 250 North Crescent Drive, according to Urbanize.
— Dana Bartholomew