A Los Angeles-based investor has secured a $37.3-million construction loan to build multifamily housing and retail space on four sites in the Frogtown community.
Parkview Financial, which provided the loan, announced that the proposed project would rise from roughly 2.3-acres of non-contiguous land at 2957-2965, 2923-2927, 2938-2954, and 2908-2914 Allesandro Street. Four separate entities, all managed by Mark O. Baatz, are listed as the applicants seeking to build a series of three-story structures containing 112 one-, two-, and three-bedroom apartments above ground-floor retail space.
Density bonus incentives approved by the City of Los Angeles will require that a total of 16 apartments be set aside as deed-restricted affordable housing.
Advkas Group and Arc Artel Architecture are designing the projects, which are shown as metal-clad structures capped by rooftop amenity decks and flanked with surface parking.
Completion of construction is expected in the third quarter of 2022, according to a news release by Parkview Financial.
The neighborhood's apartment vacancy rate currently stands at 4.3 percent, down from 2.6 percent prior to the COVID-19 pandemic, according to data obtained by Parkview.
The Frogtown community, located on the west bank of the Los Angeles River, is slated to be linked to a new park and river greenway in the Glassell Park community by an under-construction pedestrian bridge.
- Frogtown/Elysian Valley (Urbanize LA)