Housing Diversity Corp, a Seattle-based real estate development firm, has secured a US$ 41M construction loan for a new micro-unit apartment complex dubbed 1411 Flower in Downtown Los Angeles, near Pico Station.
The proposal, which is set to replace a surface parking lot at 1411 S. Flower Street, plans for the construction of an eight-story structure with 227 studio apartments, the majority of which would be 265 square feet in size.
1411 Flower, designed by Steinberg Hart, will have five floors of wood-frame construction over a three-story concrete base. The modern podium-style structure will have a rooftop amenity deck, a ground-floor courtyard, and a breezeway.
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1411 Flower granted a one of a kind permission
The apartment complex was granted permission to build a higher tower with less on-site open space than would otherwise be permitted by zoning standards by utilizing Transit Oriented Communities incentives. In exchange for the incentives, HDC is expected to set aside 26 flats as affordable housing priced at the extremely low-income level.
While just a fraction of the 1411 Flower apartments would be deed-restricted for lower-income households to rent, even the market-rate units are likely to be more affordable than other previous Downtown buildings.
HDC chief executive officer Brad Padden told Urbanize when the project was announced in February 2021 that 1411 Flower Street will cater to households earning between 80 and 120 per cent of the region’s median income.
According to an HDC spokesman, completion of 1411 Flower is scheduled for December 2023.
Similar projects
Following an apartment complex under construction in Hollywood and Highland, another Downtown project permitted on Grand Avenue, and proposed structures in Koreatown and Hollywood, the project is one of a handful of Los Angeles-area ventures for HDC.
The project takes advantage of federal opportunity zone tax reductions as well as local incentives for building rental units near public transit stops.
