A Seattle-based real estate development firm specializing in micro-unit apartments has broken ground on its first Los Angeles area project in Hollywood.
The developer, Housing Diversity Corporation, has secured approvals to build an eight-story structure on a roughly 8,000-square-foot site a block south of the Walk of Fame at Hawthorn Avenue and McCadden Place. Plans call for a total of 69 apartments, most of which would be targeted toward moderate-income households earning up to 120 percent of the area median income - roughly $73,100 for a family of four. Eight of the apartments would be set aside as deed-restricted affordable housing at the extremely low-income level.
Commercial Observer reports that the average unit size for the building will be 375 square feet, with a targeted rent of $1,995 per month.
Steinberg Hart is designing the contemporary mid-rise structure, which would include private balconies on most units, as well as common amenities such as a rooftop deck, a lounge, and co-working space.
Project entitlements include Transit Oriented Communities incentives. Due to the property's location near the Hollywood/Highland subway station, the project was approved without on-site parking.
STS Construction and Development, which is partnering with Housing Diversity Corporation on the project, expects to complete construction in Spring 2021.
While the Hollywood development is the first for Housing Diversity Corporation in Los Angeles, the company is also pursuing entitlements for a larger 151-unit micro-unit complex in Downtown.
The McCadden Avenue site is surrounding by numerous similar multifamily residential developments, including Mill Creek Residential Trust's Modera Hollywood and a proposed mixed-use project one block east on Las Palmas Avenue.
- Hollywood (Urbanize LA)