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Bolour Associates, a privately owned investment, development and finance firm, has obtained entitlements for a new five-story housing development in Los Angeles’ Westside.
Plans for the project at 2424 Veteran Avenue, on the corner with West Pico Boulevard, include 30 studio, one-bedroom and two-bedroom apartments, which will range from 475 to 975 square feet each. It will also feature three live-work spaces, with potential uses ranging from offices to artists studios.
“We’re excited to bring much-needed housing along an important portion of Pico Boulevard,” Bolour CEO Mark Bolour said in a statement.
The property is a few blocks east of Interstate 405 and less than half a mile north of Interstate 10, as well as a few minutes walk west of the soon-to-be developed UCLA Research Park.
Bolour’s development, along with UCLA’s new expansion, are emblematic of West L.A.’s rise in recent years. UCLA announced in January that it had purchased the 687,000-square-foot site of the new research park from mall-giant Macerich and Hudson Pacific Properties for $700 million.
Meanwhile, about a mile west, Penske Media, the publisher behind outlets such as Variety and Rolling Stone, signed a 12-year, 125,000-square-foot lease in September for the recently redeveloped Lumen office building on the Westside. Penske joins production company Fifth Season, which signed its own 12-year, 65,000-square-foot lease for the building earlier last year.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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