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The Real Deal Los Angeles

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
By Dennis Lynch |
Research by Haru Coryne
March 06, 2019 04:00PM

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.