Developer gears up to build 79-unit resi project in Hyde Park
Haroni Investments to take advantage of incentives offered under the “transit-oriented communities” program
South Los Angeles developer Haroni Investments has filed plans for a 79-unit mixed-use apartment in Hyde Park – the latest in a string of housing projects it’s developing.
The developer wants to reserve eight units for low-income residents in the proposed five-story mixed-use building, according to property records. The 4,700-square foot site, located at 5144 S Crenshaw Blvd., is currently occupied by a tire shop. Records show that Haroni Investments picked up the Hyde Park property for $1.5 million in August 2018 and took out a $900,000 mortgage with Cathay Bank.
The site is eligible for density bonuses and other incentives as part of the city’s Transit Oriented Communities program, which provides incentives that encourage market-rate developers to include affordable units in projects located near transit hubs.
The program aims to streamline the development process and incentivize affordable housing development by implementing a section of Measure JJJ, which was passed by L.A. voters in Nov. 2016.
Eric Kaczelnik, a project manager with Haroni Investments, was not immediately available to comment.
Haroni Investments has been active in South L.A. in recent years. In 2017, Haroni filed plans for a 73-unit apartment project at 6109 S. Crenshaw Blvd., in the Fashion District. In January 2019, the developer filed plans for a 93-unit apartment building at 6100 S. Hoover St., also in the Fashion District. It also has two other projects with a combined 200 units under development within two miles of the S. Hoover Street site.