A half-acre site near the Expo Line's Jefferson/USC Station has been cleared, and a multifamily residential development is set to rise in its place.

The property, located at 505-517 W. 31st Street, was recently approved for the construction of a seven-story building that would feature 73 rental apartments with 78 parking space sin a partially-underground garage.  Plans call for a mix of studio, one-, two-, and two-bedroom apartments - including six units set aside for very-low-income households and two units provided for moderate-income households.

HBA Architects is designing the podium-type building, which will be clad in a brick facade - a signature of the nearby USC campus.  A rooftop terrace is planned at 505 W. 31st Street, among other amenities.

A timeline for the $20-million development has not been announced, although a project page on the HBA website points to a completion date in 2019.

The project applicant is listed as an entity called 31st & Figueroa Holdings, LLC, an affiliate of Canfield Development.  Canfield is currently in the midst of construction of a similar multifamily residential project in Koreatown.

Also planned near the 505 W. 31st Street site is a new hotel at the current site of the Vagabond Inn on Figueroa Street.