An empty commercial building that once housed a Rite Aid on the fringe of Koreatown is set to give way to affordable housing, according to plans approved recently by the City of Los Angeles.

The project from Santiago Holdings II, LLC, a Beverly Hills-based entity managed by Ari Miller, would rise from a corner lot at the northwest corner of Olympic and Crenshaw Boulevards. The project, given the address of 959 S. Crenshaw Boulevard, would consist of a six-story structure containing 147 studio, one-, and two-bedroom apartments above approximately 2,250 square feet of ground-floor commercial space and a 51-car garage.

With the exception of a single manager's apartment, the Executive Directive 1 project would be reserved for moderate- and low-income renters for a period of 99 years.

995 S. Crenshaw BoulevardGoogle Maps

Category Company is designing the project, according to plans included with the approval letter.

The project site only includes the portion of the former Rite Aid property fronting Crenshaw Boulevard, and excludes the parking lot to the rear, which is located in an R1 Zone and is thus ineligible for the provisions of ED1.

A handful of properties located along Crenshaw Boulevard to the south of Olympic have similarly been targeted for redevelopment in recent years. Likewise, a corner lot located one block to the north along Crenshaw is also slated for the construction of affordable housing.

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