The owners of nearly century-old building in Downtown Los Angeles intend to reactivate their property as affordable housing, according to an item to be considered at an upcoming meeting of the CRA/LA Governing Board.
The Drake Hotel, completed in the early 1920s, is a three-story structure located at 675 S. Kohler Street. The building, which began its life as a 43-room hotel, was converted into apartments during the 1940s, and is vacant above the ground floor today. But that may not be the case for long.
In a letter to the CRA/LA Governing Board, property owner David Duel has agreed to execute and record a 55-year affordability covenant in which the Drake's 33 housing units would be rented to tenants earning 40 percent or less than the area median income. Duel has also signed an agreement with The People Concern to provide supportive housing to future residents.
Construction is expected to last approximately nine months following the issuance of building permits, according to the letter.
- Downtown (Urbanize LA)
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