By Rachel Lampert
Leo Pustilnikov, a developer in Beverly Hills is predicted to purchase approximately 17 buildings. These buildings are currently owned by a nonprofit organization called the “Skid Row Housing Trust.” According to the Los Angeles Times – Liam Dillion. He says. “The properties, made up of single-room occupancy hotels and small apartment complexes, contain 1,200 units intended for formerly homeless tenants, many of whom are elderly, disabled, or suffer from mental health problems. The deal requires judicial approval, which is scheduled in Los Angeles County Superior Court next month.” LA Times also reported Pustilnikov, as reported by court documents from the Receivership Specialists on Friday. He’s estimated to pay a total of $19 million for the portfolio itself and $9 million which will cover repairs as well as damages. There is another amount set aside. $1.3 million that strictly deals with lawsuits and litigation costs. Locations for these properties vary. Pustilnikov’s plan includes an upcoming project on the Redondo Beach Waterfront and a tower that is 19 stories high in Beverly Hills. This brings the number to 3,500 new apartments for individuals to have a place to live. There is still work to be done and Pustilnikov is continuing to make this mission a reality. Dillion says. “Pustilnikov has said that his experience downtown is an asset. He said he’s learned to navigate the difficulties in managing homeless housing in Skid Row and stepped in to rescue the portfolio when established nonprofits have not.”
References :
Dillion , L. (2024, July 29). Skid row homeless housing portfolio set to be sold to Leo
Pustilnikov. Los Angeles Times.