Canfield Properties set to build 73-unit project near USC

Development follows two large mixed-use developments near the school

A rendering of the project by Hochhauser Blatter Associates
A rendering of the project by Hochhauser Blatter Associates

A 73-unit apartment building is set to rise near the University of Southern California.

The half-acre property at 505-517 W. 31st Street has been cleared and developer Canfield Development has approvals in hand for the seven-story building, according to Urbanize. The new development will include eight units set aside for moderate- and very-low-income households.

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Parking will be underground and the building will include a rooftop terrace, according to Hochhauser Blatter Associates, which is designing the building. The firm calls it multifamily and student housing. Hochhauser Blatter estimates construction will wrap up sometime next year and that development will cost around $20 million.

The developer is 31st & Figueroa Holdings LLC, which is connected to Santa Monica-based Canfield Development. Canfield purchased the property in the fall of 2016 for $2 million and filed for the development last fall.

The area around USC —sandwiched between South L.A. and DTLA — has seen two large mixed-use projects recently. The 1.2-million-square-foot USC Village complex opened last year. And Ventus Group is building the 4.4-acre Fig project, which includes 408 residential units — half of which are affordable housing — as well as office space, retail, and a 297-room hotel.