A single-family residence and a vacant lot located just west of Koreatown could make way for a multifamily residential development, according to plans filed yesterday with the City of Los Angeles.

The proposed development, located at the northwest corner of Olympic Boulevard and 3rd Avenue, would consist of a six-story building featuring 51 rental apartments - including 11 units set aside for low-income families.

The existing house, which is located on commercially-zoned land, currently functions as a hostel.

The project, which is located in a Tier 2 zone under the Los Angeles' Transit Oriented Communities guidelines, is applying for incentives including increased density, parking reduction, and relief from transitional height requirements.

City records link the project to Laszlo Faerstain through an entity known as 985, LLC.  KSK Design is also attached to the development.

Other planned developments along this stretch of Olympic include an eldercare facility at Gramercy Drive and a two-building apartment complex at Manhattan Place.