Real Estate

Wiseman Residential Plans 200-Unit Complex with Affordable Housing in LA's Palms

Wiseman Residential plans 200-unit apartment complex with 22 affordable units in LA's Palms neighborhood.

By Tal Alexander

6/10, 11:10 EDT
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Key Takeaway

  • Wiseman Residential plans a 200-unit mixed-use project with 22 affordable units on South Motor Avenue, leveraging Exposition Corridor incentives.
  • The proposed development spans six stories and 182,513 square feet, marking Wiseman's third project in the Palms neighborhood.
  • Founder Isaac Cohanzad invested $12 million in site acquisition; Wiseman's portfolio includes nearly 70 apartment buildings across Los Angeles.

Wiseman Residential's Ambitious Expansion

Wiseman Residential, a prominent Los Angeles-based developer, is making significant strides with its third mixed-use project along Motor Avenue in the Palms neighborhood. The proposed development, currently under review by the L.A. Planning Department and Department of Building and Safety, aims to leverage incentives from the Exposition Corridor Transit Neighborhood Plan. This ambitious project will feature a 200-unit apartment building with ground-floor commercial space, including 22 affordable housing units, spanning six stories and totaling 182,513 square feet. This development underscores Wiseman's strategic focus on enhancing urban living spaces in key Los Angeles neighborhoods.

Strategic Use of Exposition Corridor Incentives

The Exposition Corridor Transit Neighborhood Plan provides developers with incentives to create transit-oriented developments that include affordable housing. Wiseman Residential's latest project at 3418-3554 South Motor Avenue exemplifies this approach, with 22 of the 200 units designated as affordable housing. This aligns with the plan's requirements and highlights the developer's commitment to contributing to the city's affordable housing stock. The project, if approved, will be a significant addition to Wiseman's portfolio, which already includes two other multifamily complexes on Motor Avenue and the 25-unit Palms Blue by Wiseman apartment building nearby.

The Financial and Developmental Details

Wiseman Residential founder Isaac Cohanzad invested $12 million in acquiring three separate parcels for the proposed development. The project, which will span six stories and cover 182,513 square feet, is a testament to the company's robust financial planning and strategic site selection. The development's ground-floor commercial space is expected to enhance the neighborhood's vibrancy, providing residents with convenient access to retail and services. This project is part of Wiseman's broader strategy to develop and manage nearly 70 apartment buildings across the Los Angeles market, reinforcing its position as a key player in the city's real estate landscape.

Impact on the Palms Neighborhood

The Palms neighborhood, located north of Culver City and south of Cheviot Hills, is poised to benefit significantly from Wiseman Residential's latest project. The addition of 200 residential units, including affordable housing, will address the area's growing demand for housing and contribute to its urban renewal. The ground-floor commercial space will likely attract businesses that cater to the needs of the local community, further enhancing the neighborhood's appeal. Wiseman's previous developments in the area, such as the 68-unit and 104-unit mixed-use buildings on South Motor Avenue, have already set a precedent for high-quality, transit-oriented living spaces.