Yet another proposed apartment complex is being retooled through the Transit Oriented Communities guidelines.
The latest project, slated for a vacant lot at 825 S. Coronado Street, comes from local real estate firm Safco Capital Group. In 2017, the West Los Angeles-based firm obtained approvals to construct a five-story building with 44 apartments and 2,168 square feet of ground-floor retail space on the currently vacant property. A revised plan, filed yesterday with the City of Los Angeles, calls for the construction of a larger six-story edifice featuring 77 apartments - including eight affordable units - with parking located at-grade and in a subterranean level.
The property is located within a half-mile of Metro Rail Stations next to MacArthur Park and in Koreatown, making it eligible for TOC affordable housing incentives, which are typically more generous than those afforded through the SB1818 density bonus law.
A rendering depicted on the website of Pacific Apartments, an affiliate of Safco, portrays a contemporary low-rise structure. A project description indicates that plans call for a mix of studio, one-, and two-bedroom apartments.
Construction is anticipated to begin in late 2019.
- Westlake (Urbanize LA)