5001 Wilshire Project (the “Project”) encompasses a Project area of 73,397 square feet (1.68 acres) within four lots, inclusive of the requested merger of Carling Way (the “Project Site”). Pacific Springs, LLC (the “Applicant”) proposes the demolition of the existing two-story commercial building and surface parking lots to develop an eight-story mixed-use building with 242 residential units and 10,900 square feet of commercial space fronting Wilshire Boulevard. The Project will encompass a total floor area of 260,000 square feet resulting in a Floor Area Ratio (FAR) of 3.54:1, and will have a maximum building height of 105 feet. In addition, the northern lots of the Project Site and Carling Way (which we be merged into the Project Site) will be redeveloped into a 16,822 square-foot greenbelt that will be utilized as a publicly-accessible common open space. In total, the Project will provide 26,350 square feet of open space which includes the greenbelt, a courtyard, roof deck, private balconies, and amenity rooms. The Project would provide 323 parking spaces, with 293 residential parking spaces located within two subterranean levels and one above-grade level, as well as 30 commercial parking spaces located on the ground floor. Vehicle access would be provided via two two-way driveways on South Citrus Avenue. In addition, the Project would provide 164 bicycle spaces with 21 short term spaces located along the perimeter of the Project Site and within the commercial parking garage, and 136 long term residential spaces and 7 long term commercial spaces located within separate enclosed bicycle storage areas on the ground level.