In a consent calendar vote on October 27, the Los Angeles City Council approved the issuance of up to $44 million in tax-exempt bonds to developer Thomas Safran & Associates for the construction of a new affordable housing complex in Hollywood.
The project, called the Hollywood Arts Collective, would replace an LADOT parking lot located to the south of Hollywood Boulevard between Wilcox Avenue and Schrader Boulevard. Plans call for the construction of a seven-story building featuring 152 apartments above 6,586 square feet of ground-floor commercial space and a two-level subterranean parking garage.
According to a report from the City Administrator's Office, the apartments would come in a mix of studio, one-, two-, and three-bedroom floor plans, with rents set at levels considered affordable to households earning at or below 50, 60, and 80 percent of the area median income.
The contemporary podium-type building - designed by Withee Malcolm Architects would face both Wilcox and Schrader with a grid-patterned facade. Architectural plans show on-site amenities including a courtyard and a swimming pool.
The amount of parking to be included in the development has not been set at this point, though the City Administrator's Report states that between 129 and 141 vehicle stalls are planned. The on-site garage is intended to replace the parking which would be lost through redevelopment of the existing surface lot.
Per an application for bond funding approved earlier this year by the State of California, the anticipated cost of the Hollywood Arts Collective is approximately $81.8 million - or $538,176 per residential unit. Rents for the apartments could range from as low as $518 per month for a studio unit to as much as $2,110 per month for a higher-income household in a three-bedroom dwelling.
The proposed apartment complex would rise in close proximity to several other large commercial and residential developments, including the LeFrak Organization's 15-story Hollywood Wilcox project - which would rise directly across the street - and a series of new hotels from Relevant Group.
Thomas Safran & Associates, which ranks as one of the most prolific developers of affordable housing in the Los Angeles area, is also planning new apartments for low-income seniors next to The Montecito.
The developer secured rights to the Wilcox Avenue parking lot in 2016 as the result of a request for proposals issued by the City of Los Angeles.
In addition to approving bond funding for the project, the Council also voted to renew its agreement with Thomas Safran & Associates to provide a $5,850,460 loan for construction and development costs.
- Hollywood Arts Collective (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr