The project, which replaced a small warehouse near Metro's Pico Station, will consist of a seven-story building featuring 38 rental apartments and 4,000 square feet of ground-floor retail space.
Plans call for a mix of studio, one-, and two-bedroom apartments, of which six will be set aside as affordable housing.
The contemporary low-rise structure is designed by DE Architects, and will feature a rooftop deck.
FMB intends to operate the property under its Ayala brand.
A half-block south, a single-story commercial building once occupied by the South Park Business Improvement District was recently demolished to make way for a similar six-story project feature 33 apartments.
- 1317 S. Hope Street (Urbanize LA)