Prolific local real estate investment firm SoLa Impact is planning yet another multifamily residential development in South Los Angeles.
The latest project, slated to replace a series of small commercial and residential buildings at the southeast corner of 61st and Main Streets, calls for the construction of a new four-story edifice featuring 87 one-bedroom apartments above street-level parking for 44 vehicles.
SoLa Impact is seeking entitlements for the project using Transit Oriented Communities incentives, which would allow for a taller project with less open space than required by the property's base zoning. In exchange, 18 of the apartments would be set aside as deed-restricted affordable housing, offsetting the loss of nine existing residential units on the project site.
The Architects Collective is designing the contemporary low-rise building, which would be composed of prefabricated modular units built off-site. The apartments would be arranged in a U-shaped footprint above the first floor, creating space for a central courtyard area. Plans also call for a rooftop amenity deck.
SoLa Impact, which owns a large portfolio of rental housing, has used opportunity zone funds to invest in a slew of similar mixed-income and affordable housing projects in South Los Angeles, including new developments now under construction on Florence Avenue, Avalon Boulevard, and Western Avenue.
The company recently filed plans with the City of Los Angeles to build a similar mixed-income development in the Broadway-Manchester neighborhood.
- Florence (Urbanize LA)