UPDATED, October 27, 5:04 p.m. ET: An eight-story apartment complex with 411 units is planned for a parking lot in Chinatown.
Developer TRJLA filed plans with the city of Los Angeles for the apartment complex last week, according to Urbanize. The development site is just under two acres at 717-759 N. Hill Street, north of Downtown L.A.
The firm purchased the development site from PAMC Ltd. for an undisclosed sum in February, reportedly beating out several other interested buyers.
TRJLA’s CEO is Kevin Chen, a fashion entrepreneur-turned-developer who counts the Frankie B. denim brand in his portfolio. Chen is also the manager of Arts District Development, LLC, which is planning a hotel and apartment complex in the Arts District –– and he currently serves as president of the Los Angeles Chinese Chamber of Commerce.
“We are optimistic about Chinatown’s outlook and excited to contribute towards its revitalization with a bold project for living, shopping, and dining,” Chen said.
The firm also is “evaluating strategic alternatives to develop the project,” according to CFO Joseph Chang. “We look forward to completing a transaction to enable the transformation of the underutilized site into a contemporary mixed use project with affordable housing.”
Architecture firm AC Martin is working on both the Chinatown and Arts District projects.
The firm’s plans call for a 366,000-square-foot building, with 17,000 square feet of ground-floor commercial space. 314 parking spaces would be included in an underground structure.
The 411 units would be a mix of one-, two-, and three-bedroom apartments.
TRJLA wants to utilize the city’s Transit Oriented Communities program to significantly boost the density of the project, which otherwise couldn’t be built there.
The TOC program allows developers to increase density, reduce parking, and take other entitlements in exchange for building affordable units near transit.
TRJLA wants to increase density and floor area, reduce the size of side yards and parking, and plans to set aside 42 units as affordable to qualify for those entitlements.
Renderings show an S-shaped structure with tiered courtyard space and retail space along N. Hill Street. A pool and courtyard area is also seen on the backside of the complex.
The project is one of the larger planned in Chinatown. Atlas Capital’s 725-unit College Station project is the largest currently in development there. A 243-unit live-work complex is planned nearby as well.
[Urbanize] — Dennis Lynch