A new six-story apartment complex has been planned to replace two small multifamily structures built in the late 1880s in Pico-Union, Los Angeles. Orion Capital, a local real estate investment group best known for creating projects near USC, is seeking permission to build a new six-story, the 60-unit apartment complex at 1037 S. Dewey Avenue, just south of Olympic Boulevard. The plans call for a combination of studio, one-, two-, three-, and four-bedroom homes, as well as 78 parking slots at grade and one basement level. The project is being designed by JPark Architects and represented in drawings as a modern podium-type skyscraper. The building’s architectural designs feature a central courtyard, a rooftop terrace, and a common area.
The requested entitlements for the Dewey Avenue site rely on Transit Oriented Communities incentives to achieve more density and floor area than zoning laws allow. In exchange, six of the intended flats would be set aside as deed-restricted extremely low-income affordable housing. The 56,578-square-foot, the nearly 70-foot-tall structure would house 32 one-bedroom apartments, eight two-bedroom apartments, 19 three-bedroom apartments, and one four-bedroom apartment. One-bedroom units would be 459 to 470 square feet, two-bedroom units would be 778 to 811 square feet, and three-bedroom units would be 1,198 to 1,240 square feet, with one 1,451-square-foot four-bedroom unit.
More details on the Orion Capital Pico-Union apartment complex, Los Angeles
Orion Capital is requesting Tier-3 project permits under the city’s Transit-Oriented Communities Incentive Program, which includes a 15-unit density bonus and 30% back and side-yard reductions. According to the TOC program, six units would be reserved for severely low-income residents. “These incentives are required to construct a well-designed residential complex that will deliver living market-rate and affordable housing units in marketable and attractive sizes to the community,” the development team states in application documents.