A new redevelopment project has been proposed for a site located at 601 South Fairfax Avenue in Los Angeles. The project proposal includes the construction of a new apartment complex. If approved, the project will replace a 99 Cent Only store on the site.
Beverly Hills-based Bolour Associates recently bought the site.
The scope of work includes the redevelopment of the project site with 120 apartments. The developer has expressed interest in converting the existing structures into a gallery, a showroom, or a furniture store. Plans to convert the building into housing are also being discussed.
Bolour Associates acquired the site at a bankruptcy auction for approximately $6 million. The estimated project timeline has not been revealed yet.
New housing will be located near the Los Angeles County Museum of Art. Future residents will be one block away from the north of the intersection of Wilshire Boulevard and Fairfax Avenue.
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