A surface parking lot in Downtown San Pedro could be redeveloped with a mixed-use apartment complex, according to a filing made last week with the Los Angeles Department of City Planning.

The approximately 26,000-square-foot site, located at 438-448 W. 5th Street and 437-439 W. 4th Street, calls for the construction of an eight-story building featuring 99 residential units above 2,000 square feet of ground-floor retail space and parking.  The proposed building is described as consisting of five levels of wood-frame construction above a three-story concrete podium.

Requested entitlements include Transit Oriented Communities incentives, including increased density, floor area, and height, and reductions to required setbacks and parking.  Eight apartments would be set aside as extremely low-income affordable housing to make the project eligible for the development incentives.

City records list the project applicant as SBD Investment 10, LLC.  The entity is affiliated with South Bay Developers, a locally-based real estate firm that is also planning a 32-unit apartment complex a few blocks away at 336 W. 7th Street.

Financing for the land aquisition was provided by RSE Capital, according to a representative of the company.

The new project, which would be located on a mid-block site between Pacific Avenue and Mesa Streets, sits just north of the Warner Grand Theatre, which is slated to go a renovation designed by SPF:architects.  A vacant lot next to the historic venue is slated for the development of an 80-room boutique hotel.