LA’s affordable housing incentives lure another developer, this one to Cypress Park

A 55-unit project is in the works a block away from the Metro Gold Line’s Heritage Square station

Mar.March 06, 2019 04:00 PM
3547-3585 North Figueroa Street

A Canadian developer is planning a mixed-use project in Cypress Park with 55 residential units.

An entity tied to Toronto developer Greg Sharp filed plans for the project for 3547-3585 N. Figueroa Street on Tuesday. It would involve demolishing a pair of commercial buildings to build a five-story structure with 7,400 square feet of ground floor commercial space.

The developer plans to take advantage of density bonuses through the city’s Transit Oriented Communities program, which provides them for building affordable units near transit. The project would have six affordable units.

Beverly Hills-based developer FDZ Partners LLC also filed for TOC benefits for a 100-unit project a block away at 3836 N. Figueroa Street. FDZ is planning a 100-unit development there that would replace a gas station.

Both sites are about two blocks from the Metro Gold Line’s Heritage Square station, which connects to most other Metro lines at Downtown Los Angeles’ Union Station.

The TOC program has proven popular with developers around the city. It has put more than 1,000 affordable units in the pipeline in its first 10 months of being active.

Related Articles

Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Monica Rodriguez orchestrated the nixing of a residential project set for the Verdugo Hills Golf Course (Credit: Google Maps, Wikipedia)

The threat of fire doomed this Tujunga resi project. Now the developer will sue

6550 South Normandie Avenue (Credit: Google Maps)

Haroni Investments to turn parking lot into new apartments

Council President Herb Wesson and a rendering of District Square

City will draw up “anti-displacement zone” ordinance

The car wash at 1666 N. Vermont Avenue (Credit: Google Maps)

Former car wash owners propose 139-unit development in Los Feliz

Pink House Project, rendering of Hello Saturn, Boaz Miodovsky of Ketter, and Max Sharkansky of Trion Properties

Joint venture sees green in planned apartment complex at Mid-City pink houses site

3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

Developer Pinyon Group’s 468-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives