A New York-based real estate developer linked to several co-living projects is planning new multifamily housing near the border between Westlake and Koreatown, according to an application filed earlier this month with the City of Los Angeles.
The proposed development, slated for a currently empty site at 2859-2877 W. Francis Avenue, calls for the construction of a new eight-story edifice featuring 111 studio, one-, two-, three-, four-, and five-bedroom apartments above parking for 90 vehicles.
Requested entitlements for the project include Transit Oriented Communities development incentives, permitting a reduction to on-site open space and side yard requirements. In exchange, Six Peak Capital would set aside 11 apartments as deed-restricted affordable housing at the extremely low-income level ($33,800 per year for a family of four).
Los Angeles-based architecture firm Gruen Associates is designing the project, which would have an O-shaped footprint wrapping around a podium-level courtyard. Plans also call for a rooftop terrace and several other common rooms for use by residents.
The proposed development would rise on a site previously developed with nine residential units - some of which were vacated via the Ellis Act prior to demolition. City records show that Six Peak acquired the roughly .64-acre site for $7.7 million in March 2020.
The Francis Avenue project is Six Peak's largest development to date in the Los Angeles area, following a smaller 42-unit co-living apartment building now under construction in East Hollywood.
Other projects planned or under construction on surrounding blocks include a 50-unit apartment building near the intersection of Francis and Hoover Street and a 193-unit complex from Jamison Services at Vermont Avenue and James M. Wood Boulevard.
- Westlake (Urbanize LA)