A Goodwill store in Los Angeles’ Los Feliz neighborhood could soon be redeveloped with a housing development. According to plans recently submitted to the City, the Z. Wayne Griffin Trust, which is managed by Kristin Harrison, is planning a 181-unit project with various commercial uses.
The project site is located at 4627 W Hollywood Blvd. and is currently occupied by the 22,835 square foot retail building. In its place, the project team, which also includes Warren Techentin Architecture, is proposing the construction of an approximately 174,021 square foot mixed-use building totaling seven stories.
The project would feature six levels of apartment units, including 49 studios, 79 one-bedroom units, and 53 two-bedroom units with 15,398 square feet of retail space at the ground floor. The project also includes two levels of subterranean parking, consisting of 263 parking stalls, 42 of which would be designated for commercial parking, while the other 208 would be reserved for residents and 13 for guests.
The project also aims to utilize transit-oriented community incentives to reduce the amount of open space by 25 percent, providing a total of 16,959 square feet in open space amenities. In exchange, the project would reserve 20 units as affordable housing.
Open space amenities would include landscaped courtyards, public and private patios, a recreation room, a pool deck and more.
Situated within the Los Feliz neighborhood, the development would be located within close proximity to a number of retail and dining amenities. It is also closely located to Barnsdall Art Park and Kaiser Permanente Los Angeles Medical Center. While in a highly walkable neighborhood, the project is also within close proximity to the Sunset/Vermont Metro Station, providing access to other parts of Los Angeles.
Across the Los Angeles multifamily market, there has been plenty of activity, according to recent data from Kidder Mathews. The brokerage firm’s first quarter multifamily market report shows that the city is seeing increased signs of development while vacancy rates and rental rates also are trending slightly upward. New Construction in the first quarter increased by more than 14 percent in the past year to 2,935 units developed, while 33,367 remained under construction. However, at the same time, vacancy rates increased from 4 percent in the previous quarter to 4.2 percent in the first quarter of the year. Likewise, average asking rents shifted slightly from $2,150 per month to $2,162 per month quarter-over-quarter.
