A commercial building in Silver Lake has bitten the dust, and a mixed-use apartment complex is poised to rise in its place.
The property, located at the northwest corner of Silver Lake Boulevard and Bellevue Avenue, was acquired by CIM Group in 2016. Permit filings with the Los Angeles Department of Building and Safety indicate that the property is slated for the construction of a three-story building featuring 52 apartments - including five extremely low-income affordable units - above ground-floor retail space and two levels of subterranean parking.
CIM Group is employing Transit Oriented Communities affordable housing incentives to build a larger project than the property's zoning would normally allow for, according to permit records. The base density for the site is just 30 residential units, but the inclusion of on-site affordable housing will allow for the proposed 52 apartments.
The developer is less than one year removed from the completion of the 49-unit Dillon 617 apartments, which are located on a neighboring property.
CIM Group had previously considered developing both properties as a single development featuring more than 130 apartments and ground-floor retail space, according to the Eastsider.
Elsewhere in Silver Lake, CIM Group is also wrapping up construction at a similar development at 4121 Santa Monica Boulevard.
- Silver Lake (Urbanize LA)