Private equity real estate firm and Qualified Opportunity Fund Bluestone Capital is looking to build a five-story, 17-unit apartment community at 226 N. Catalina St., according to application paperwork filed with the city of Los Angeles earlier this month. The Beverly Hills-based company’s project, named Catalina Apartments, would rise in one of the several Opportunity Zones in the Wilshire Center area.
Located three blocks from the Vermont/Beverly Metro Station, the project would utilize a handful of bonuses available under the city’s Transit-Oriented Communities Incentive Program for projects within half a mile of major transit stops.
Current plans for Catalina Apartments include a 70-percent density increase (or additional seven units) and a two-story height increase by reserving three units for households at very low-income levels. The project would also feature a subterranean level of nine parking stalls or just over half a parking space per unit.
The 16,465 square feet of new construction would follow the demolition of the site’s existing three-unit apartment complex. Bluestone’s plans include a unit mix of five studios, eight one-bedroom, three two-bedrooms, and one three-bedroom over the first level of parking. The developer also plans on using modular construction, with about 80 percent of building work occurring off-site, according to Bluestone Capital principal Bobby Shokri.
Warren Techentin Architecture is listed as the architect in project application filings, with Potting Hill Landscape Design serving as the development’s landscape architect.
