Developer Giltner Realty Advisors has plans to remodel a former Walgreens building into a five-story, 40-unit mixed-use project at 5843 W. Pico Blvd., according to the Thursday meeting agenda for the PICO Neighborhood Council Land-Use Committee.
The West Hollywood and Gardena-based company expects the project to cost $15 or $16 million to build and for the average rental cost for the community’s two-bedroom units to be around $2,900, according to project details submitted to the neighborhood council. A planning case for the project has yet to be opened by the city.
Plans call for four levels of apartments over about 6,126-square-feet of ground-floor retail and restaurant space. The developer expects the average commercial rent for the project to come out to a triple-net monthly rate of about $3 per square foot, its submitted plans show.
The building as a whole would be 45,564 square feet.
The project would provide 43 parking spaces: 35 stalls in two subterranean floors and eight surface spaces.
Giltner Realty Advisors is a full-service commercial real estate company led by John Carroll, according to its website. The company is joined by project architect Scale(s) Lab Architects and Hongjoo Kim Landscape Architects, plans show.
The owner of the existing property is Black Cat LLC, a company formed by Carroll and registered to a Gardena address of Giltner Realty Advisors, according to state business filings.
The PICO Neighborhood Council’s committee is scheduled to review info about the project presented by Carroll and project architects Thursday evening.
