A Seattle-based developer is betting big on micro-housing in Los Angeles.
Housing Diversity Corporation is filing plans for an eight-story, 227-unit rental project at 1411 South Flower Street in Downtown Los Angeles’ South Park neighborhood, Commercial Observer reported. The project, about half a block from the Convention Center, is the developer’s third micro project in the city.
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Housing Diversity Corporation is putting up 151 units at 1317 South Grand Avenue, also downtown, and 69 units at 1621 North McCadden Place in Hollywood. Units average 375 square feet and the developer will target $1,995 in rent.
At the South Flower Street project, the developer is taking advantage of tax credits for construction near transit, as well as Opportunity Zone credits, which allow for capital gains taxes to be deferred, and even erased.
DTLA is seeing much in the way of development. The Convention Center is in for a $1.2 billion overhaul and a 685-unit luxury rental tower recently opened at Greenland USA’s Metropolis megadevelopment.
STS Construction and Development is partnering with Housing Diversity Corporation on the micro-housing project. The work should be permitted by December 2023.
[CO] — Danielle Balbi