The project, which is being developed by Greystone Housing Impact Investors, is replacing a surface parking lot with what will eventually be a nine-story building featuring 200 apartments for low-income seniors on its upper floors.
In a news release, Greystone previously indicated that the apartments will be priced for renters earning between 30 and 80 percent of the area median income level. Additionally, 99 of the units will be master leased by The People Concern, which caters to seniors, residents at risk of homelessness, and low-income families.
City records indicate that architect Edwin Mohabir is designing the project, called Residency at the Entrepreneur, which is depicted in a rendering as a contemporary nine-story building. Other components of the project will include a business center, a clubhouse, a fitness center, a laundry facility, a computer room, and office space.
The project team for Residency at the Entrepreneur is filled out by administrative general partner is ABS Properties, Inc. and the non-profit organization Kingdom Development, Inc. The tax credit investor for the development is Columbia Pacific Advisors.
ABS Properties, the administrative general partner, is also working with Greystone on an under-construction adaptive reuse project which is converting the adjacent Hollywood-Western Building into senior affordable housing. ABS has also filed plans with the City of Los Angeles to redevelop a site near the 101 Freeway with a 26-story apartment tower which would cater to low-income seniors.
ABS had previously made several attempts to redevelop the property at 1657 N. Western Avenue, most recently filing an application to build a mixed-use structure with 95 apartments and retail space on the site in 2020.
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- 1657 S Western Avenue (Urbanize LA)