Architect and developer Michael Naim has offered up renderings for Nela Plaza, a new development planned at the corner of North Figueroa and Pasadena Avenue.
The project, filed last week with the City of Los Angeles, proposes a seven-story building that would feature 100 condominiums and approximately 14,000 square feet of ground-floor retail space. The mix of studio, one-, two-, and three-bedroom dwellings would average 1,000 square feet in size, featuring open floors plans and 10-foot-deep balconies.
At ground level facing Pasadena Avenue, plans call for 14 double-story live/work apartments. These units would come equipped with concrete block walls to prevent noise transmissions.
Proposed common spaces include two-story central lobbies, an exercise room, a community hall, and a lap pool on podium deck.
Naim states that the project, if built as condominiums, would sell for more than $600 per square foot. If built as rental apartments, monthly rates would run at $3 per square foot, providing a less expensive alternative to Downtown Los Angeles.
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