The construction of a new micro-unit apartment building in Downtown Los Angeles is set to begin soon after the developer, Housing Diversity Corporation (HDC) received a US$29.1 million construction loan. This was disclosed by O.Z. Navigator, a partnership between Nitze-Stagen, a multi-generational, integrated real estate investment firm, and HDC.
The project which is one of five projects in the works for the region by the Seattle-based housing innovator providing a forward-thinking alternative to traditional apartment living in urban centers involves the construction of an eight-story structure with 147 micro-unit residences at 1317 S. Grand Avenue.
Approved designs rely on the City’s Transit-Oriented Communities standards to allow for a larger structure than would otherwise be permitted under zoning restrictions. HDC will be obliged to set aside 17 flats as deed-restricted very low-income housing for a term of 55 years in exchange for the incentives.
Design Overview of the New Micro-Unit Apartment Building in Downtown Los Angeles
The New Micro-Unit Apartment Building in Downtown Los Angeles is designed by Steinberg Hart and is represented in drawings as a modern eight-story, roughly 67,000-square-foot structure on a rectangular 9,000-square-foot lot. A rooftop deck, street-level workplaces for homeowners, and private balconies are among the proposed open spaces.
Even the market-rate flats, however, are likely to attract lower rates than the majority of new housing complexes in the Downtown neighborhood. According to the developer’s statement, the 1317 Grand will offer 74 units priced between 80 and 90 percent of the Los Angeles area median income level (AMI), as well as 56 units priced between 90 and 100 percent of AMI.
“It is tremendously satisfying to bring our affordable, living micro-apartments to Los Angeles. Our mission is to generate housing abundance in areas where supply is severely limited” said Housing Diversity Corporation CEO and Founder Brad Padden stated.
STS Construction and Development Services is the general contractor for the project, which was initially estimated to take around 18 months to complete.