A 41-story apartment tower project in Koreatown won key city approval, as developers get closer to putting a shovel in the ground.
A venture of Townline and Forme Development wants to build the 367-unit “Soul” at 550 Shatto Place, next to the distinctive First English Evangelical Church. Forty two units would be set aside as affordable.
The development team received support from the City Planning Commission, according to Urbanize. The City Council will next consider the project. The developers look to break ground in July 2022 and complete construction three years later.
Townline and Forme last fall upsized their project plans, adding several floors and increasing the number of residential units from 252. The new proposal also calls for 36,000 square feet of ground-floor office and retail space.
In mid-2018, Urban Offerings filed plans with the city for the first version of the Soul project. It hoped to take advantage of the site’s eligibility for Transit Oriented Communities incentives to boost units and density in exchange for setting aside a portion of units as affordable. By May 2019, Townline and Forme were also on the project, and sought to fast track the state environmental review.
The updated plan drops the TOC request, opting instead to pursue a zoning change and general plan amendment.
[Urbanize] — Dennis Lynch