Allegro Capital moves ahead on 41-unit complex in Glendale

by TRD Staff

Allegro Capital Partners has moved forward with plans to build a 41-unit apartment complex near a Metrolink station in Glendale.

The locally based developer led by David “Randy” Stevenson has run its plans through a city design board for the six-story building at 345 West Cerritos Avenue, Urbanize Los Angeles reported. It would replace a single-story commercial building from the 1960s.

Plans call for 41 one- and two-bedroom apartments atop 2,000 square feet of ground-floor shops and restaurants. A semi-underground garage would serve 42 cars.

The developer would employ density bonus incentives permitting a larger building than zoning rules allow in exchange for three affordable apartments for very low-income households.

The project, designed by Marina Del Rey-based Urban Design Specialists, is clad in a brick veneer and has a rooftop deck and outdoor seating along Gardena Avenue. The building has large industrial-style windows and inset balconies, according to a rendering.

The 0.3-acre site was purchased by Stevenson and his wife in 2013 for $1.3 million, with ownership then transferred to Allegro.

Glendale planning officials are revising zoning rules to promote new multifamily and mixed-use development near the Metrolink station, served by Metrolink, Amtrak and potentially a streetcar. The Metrolink line runs from Ventura to Downtown L.A., with Glendale the closest station to Downtown’s Union Station.

Last year, Glendale adopted an updated Housing Element that calls for 13,425 new homes, more than 5,000 of them affordable, by 2029.

Allegro Capital Partners was founded in 2013 by Stevenson, who is also president of Stevenson Real Estate Services, based in the same Glendale office and tied to the Robert and Stefanie Stevenson Family Trust.

In March, the Stevenson trust filed plans to build a 249-unit apartment complex at 4728 San Fernando Road, in Glendale. It would replace a 45-year-old industrial building.

— Dana Bartholomew

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