Atlas Capital secures city approval for 725-unit College Station project in Chinatown
The controversial project, in the works for years, now heading to the City Council
The Los Angeles City Planning Commission approved Atlas Capital’s large College Station development in Chinatown on Wednesday, but not without conditions.
Commissioners cleared the needed approvals for the project so long as Atlas makes five percent of the 725-unit project — about 37 units — affordable for low income renters, according to Curbed. The project now goes to the City Council for final approvals.
The planning commission approvals are a major step in a years-long design and approvals process for the development, which is set for a 5.7-acre lot at 924 N. Spring Street, across from the Metro Gold Line Chinatown station. New York-based Atlas Capital most recently tweaked the design in September, scaling it back by 45 units and scratching plans for two 20-story towers.
The approved version of the project is six stories. It includes 51,600 square feet of retail space, including a large grocery store and 900 parking spaces. The site is currently vacant.
The project has been controversial among locals. Some fear the influx of market-rate units to Chinatown will fuel gentrification and force long-time residents out of the neighborhood. Supporters are eager to see a vacant lot developed with a much-needed grocery store, according to Curbed.
Developers and investors have moved into Chinatown in droves in recent years, in part because of a pro-development rezoning of 660 acres around the Cornfield in the north part of the neighborhood.
Earlier this year, Vancouver developers Townline and Forme development revealed plans for a 27-story mixed-use tower across the street from the bustling Central Plaza market. This month, nbpCapital applied for permits for a 285-unit project across from the Cornfield. [Curbed] – Dennis Lynch