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Affordable housing developers plan 140-unit project in Venice
The property sits on a parking lot owned by the city
A group of community housing developers are looking to turn a city parking lot into an affordable housing complex in Venice.
Hollywood Community Housing and Venice Community Housing, both non-profit organizations, filed plans to build a 105,770-square-foot property that would house 140 affordable units on Venice Boulevard, according to a filing published with the Department of City Planning.
There would also be space for offices, retail, a restaurant and even an art studio. A public parking garage would also be part of the property.
The project is part of a larger city-wide effort to redevelop parking lots into housing, the Los Angeles Times previously reported.
Throughout the 1950s and 60s, the city bought several parcels around L.A. and opened parking lots to serve the surrounding businesses. It currently owns the Parking Lot 731 at 200 North Venice Boulevard, where the developers are planning the 140-unit building.
Neither of the non-profits responded to requests for comment.
L.A. has been grappling with an affordable housing problem for years, an issue that has been fueled by a severe shortage of supply. A study from apartment data site Zumper published earlier this month revealed that the median rent for a one-bedroom apartment spiked nearly 16 percent in October, the biggest year-over-year jump for L.A. in 2018.
Newly elected governor Gavin Newsom is hoping to ease some of the burdens. As part of his campaign, Newsom has advocated doing away with some regulatory barriers on real estate development as a way to speed up construction.