Plans filed for 88-unit apartment complex in South L.A.
Property could be sold as development or entitled project
More redevelopment is coming to South L.A., where investment has been on the rise.
Plans were filed this week to add a five-story apartment building with 88 units in the Chesterfield Square area of South Los Angeles. The property at 6901-6927 S. Western Avenue is owned by the David A. and June Simon Trust.
The owners may be looking to entitle the site and sell it to a developer. Investment brokerage Hudson Partners is marketing the property for $2 million as an affordable housing development opportunity.
Los Angeles has seen a growing market for entitled properties and shovel-ready sites as developers choose to skip the years-long and costly approval process.
The site is eligible for tier-2 incentives from the city’s Transit Oriented Communities program, which was designed to give density bonuses to projects with affordable units near transit stops. If approved, the project could include up to 95 units.
An appliance parts store, a one-story commercial building, and a two-story residential building are currently on the property. The project site is next to the Hyde Park area, where a developer plans to build a 47-unit permanent-supportive housing structure at 6578 S. West Boulevard using tier-3 TOC incentives.
South L.A. has seen a surge of development and investment the past few years, highlighted by massive multi-family developments, creative office conversions, and the transformation of Earvin “Magic” Johnson Park.