Westlake’s Rampart Village is getting 47 new apartments,
commercial real estate investment banking firm Continental Partners announced today. It secured a $8.4 million loan to fund construction of the project.
The new apartment building will be located near Occidental Boulevard and Third Street. Referred to as Occidental Gardens in planning documents, it would contain 47 apartments, mostly one-bedrooms, in a six-story building. Eleven of the apartments would be for low or very low income tenants. Parking would be provided by an underground garage.
The new building would rise on two properties, 218-224 South Occidental Boulevard, that previously held two low-slung apartment buildings built in the 1940s.
Demolitionpermits for the properties were issued in November 2016, and a building permit was issued in June. The apartment building, designed by Chinatown-based Bo.Shi Architects, is listed as “under construction” on the architects’ website.
It’s unclear who the developers are: In the press release from Continental, they are identified as “a luxury single-family home developer and its joint-venture partner, a multifamily operator.” City planning documents show the applicant as Occidental Gardens LLC.