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

Developer Pinyon Group’s 486-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

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Lee Rubinoff and the development site

This Transit-Oriented developer is eyeing his latest apartment project in Echo Park

420 West 9th Street, San Pedro (Credit: Google Maps and iStock)

San Pedro’s apartment project pipeline is filling up

LA Mayor Eric Garcetti and the Metro Gold Line (credit: Global Climate Action Summit via Flickr)

“Notorious NIMBY group” brings legal challenge to LA’s most popular affordable housing program

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan