Bolour Breaks Ground on Lux MF in Silver Lake
Beverly Hills-based Bolour Associates, Inc. broke ground on a $24-million luxury multifamily complex in Los Angeles’ Silver Lake neighborhood. The 65-unit, Class A apartment project at 3160 Riverside Dr. will include a swimming pool, gym, club room and lushly landscaped common areas. It will feature 29 studios, 27 one bedroom/one bathroom units, and nine two bedroom/two bathroom units.
Bolour’s Adam Eisenberg says, “This vertical approach allows us to keep our production costs low, in an environment where land prices, interest rates and construction costs are all rising.”
When development entitlements for the site were obtained in 1991, they were codified with a qualifying condition (Q Condition), which meant the 30,000-square-foot property’s approved land use was still active after more than 27 years. The discovery was made during Bolour’s due diligence process. Bolour added a state bonus density to the existing entitlements, and received an approval from the City of Los Angeles.
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