Micro-housing to rise in DTLA Opportunity Zone

Housing Diversity Corporation plans 227-unit project in South Park

Los Angeles /
Dec.December 28, 2020 11:00 AM
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Rendering of 1411 South Flower Street (Housing Diversity Corporation)

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.

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


Related Articles

arrow_forward_ios
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
 Jade Enterprises’ Director of Development Daniel Taban and 888 South Figueroa Street (Google Maps)
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
David Lawrence Gray and a rendering of the 120-unit tower (David Lawrence Gray Architects, University of Washington)
120-unit Pencil Tower planned for DTLA
120-unit Pencil Tower planned for DTLA
Sola CEO and founder Martin Muoto. (Google Maps)
Sola Impact plans 84-unit apartment project in South LA
Sola Impact plans 84-unit apartment project in South LA
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
Rockwood Capital's Walter P. Schmidt, LPC West's David Binswanger, and Deka Immobilien's Ulrich Bäcker. (915 Wilshire, Rockwood, LPC, Deka)
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
300 S. Santa Fe Ave. (Google Maps)
LA’s top 5 multifamily investment sales of 2020 fell 50%
LA’s top 5 multifamily investment sales of 2020 fell 50%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...