With a $68.5-million construction loan in hand, Thrive Living has officially commenced construction on a new modular apartment complex near L.A. State Historic Park in Chinatown.

Earlier this year, the New York-based developer razed a food processing facility at 1457 N. Main Street where Los Angeles Planning officials have approved the construction of a new six-story structure which would contain 376 studio and one-bedroom apartments above 6,448 square feet of ground-floor commercial space. Plans also call for parking for  104 vehicles.

Aerial view of 1457 N. Main Street looking southwestThrive Living

As a condition of approval, Thrive Living is required to set aside 42 apartments for rent as extremely low-income affordable housing. However, the remaining apartments would be targeted toward moderate-income renters earning up to 80 percent of the area median income level, such as teachers and nurses. The property will also accept applicants with Housing Choice Vouchers.

“Our non-subsidized financing model enables us to make a bigger impact and move faster to build more affordably priced housing without concern for ceilings imposed by limited tax credits,” said Thrive Living principal Zak Tendle in a news release. “We are so appreciative of the opportunity to work with the team at JPMorgan Chase and bring this important housing project to life in Los Angeles, where quality housing that is affordable to residents is in such short supply.”

The project, which is being financed by JPMorgan Chase through its Workforce Housing Solutions group, is on track for completion by December 2024. According to Thrive Living, the project is the first fully income-restricted development to receive a construction loan from JPMorgan Chase.

In addition to housing, the contemporary low-rise structure would include open spaces such as a rooftop deck and street-level courtyards, as well as a gym, a recreation room, and a business center.

1457 N Main StreetGoogle Maps

Thrive Living, which has a goal of building 5,000 units of affordable and workforce housing each year in California, could bring much of that production to the Los Angeles area. The company announced plans in January 2023 to build an 800-unit apartment complex with a Costco on its ground floor in Baldwin Hills.

The proposed apartment complex is one of a growing number of new residential developments transitioning industrial zone to the east of L.A. State Historic Park, following the Llewelyn apartments and a 280-unit apartment complex now rising one block northwest at 200 N. Mesnager Street. The neighborhood's largest project, the 725-unit College Station development, has been approved for a site along Spring Street since 2019, but has yet to begin work.

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