The $25-million project, slated to replace a single-family home and a 1930s apartment building at 743-749 S. Gramercy Drive, would consist of a seven-story edifice containing 19 residential units - with 91 total beds - above a parking garage.
The proposed development is being designed in accordance with the Transit Oriented Communities guidelines, which permit increased and reduced parking relative to zoning requirements. In exchange for the bonuses, Schon Tepler Group would set aside five of the apartments as deed-restricted affordable housing at the extremely low-income level.
Renderings of the project depict a contemporary low-rise structure, consisting of five levels of wood-frame construction over a two-level concrete podium. Planned amenities include a seventh-floor community room and a rooftop deck.
Construction of the project is expected to begin in the second quarter of 2021, according to Artem Tepler of Schon Tepler Group. Completion would occur within 18-to-24 months.
The Gramercy Drive development is the latest in a series of new housing projects along the 8th Street corridor, following a handful of mixed-use projects from Jamison Services, Cal-Coast, and Rescore now under construction to the east.
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