Billionaire developer Jeff Greene is planning a large multifamily project on a seven-acre site in Hyde Park.
Greene, whose projects mostly focus on South Florida, wants to build a 782-unit apartment building at what is now the Dorset Village complex. The existing development at 3130 W. Slauson Avenue would be torn down. Although Greene’s name does not appear on the project filing, records show he is operating through a series of entities that lead back to his company, Millennium Holdings Inc.
The development would be market-rate, but set aside a significant number of units as affordable. It is being planned as a Transit Oriented Communities project, and could be the largest filed through the affordable housing program since its inception in late 2017. The city program provides incentives to developers who incorporate affordable housing into projects near transit stations.
The project will set aside 141 units at an unspecified level of affordability, and seeks at least a boost in allowable units, a density bonus, parking reduction, and an increase in height of 33 feet. The filing includes 713 parking spaces planned.
Greene did not respond to requests for comment. The Florida resident unsuccessfully ran for governor last year there. He finished fourth in the Democratic primary and spent $34 million of his own money, pledging to take on President Trump’s policies, according to the Tampa Bay Times. He previously ran for Senate in 2010.
Greene’s Los Angeles project site is about a block away from the Metro’s future Hyde Park station on the under-construction Crenshaw/LAX line, as well as a number of bus stops. That makes it eligible for Tier 4 TOC bonuses, the highest in the program.
The $2 billion Crenshaw/LAX line will run 8.5 miles and connect the Blue Line in West Adams to the Green Line at LAX. It is the first Metro line to service Hyde Park, Inglewood, and Morningside Park. Metro plans to open the line next summer.