A large empty property in the North Hills neighborhood has sold to a prolific developer of affordable housing.
The property's prior owner, Metro Investments, successfully entitled the land for the construction of a six-story, 364-unit apartment complex in 2017. While Metro had been in talks to sell the land and the approved project, rising costs led to a cancellation of escrow in late 2018.
Meta, according to a motion introduced by City Council President Nury Martinez in late 2018, intends to develop the property with a 356-unit affordable rental project. The City of Los Angeles has approved the release of up to $135 million in bonds to cover construction and development costs.
Meta faced relatively light competition for the land, according to Evanisko, who issued a statement saying that a developer would have likely proposed a smaller townhome-style project if entitling the land today.
Meta's project will make use of podium type construction, and be built within the approved building envelope. Togawa Smith Martin is designing the housing complex.
Interested in finding affordable housing? Visit housing.lacity.org.