The stream of entitlement applications created by the Mayor's Executive Directive 1 is starting to yield real projects.

Commercial Observer reports that Kian Investment, LLC, an affiliate of Keren Management, has secured a $24.4-million loan for a new affordable housing development at 926 S. Kingsley Drive in Koreatown.

View looking northeast from San Marino Street and Kingsley DriveGoogle Street View

Plans call for a new seven-story building featuring 136 studio and one-bedroom apartments priced for households earning up to 80 percent of the area median income level. A pending construction permit indicates the property would serve a mix of very low-, low-, and moderate-income households.

The loan from Century Housing, arranged by Colliers Mortgage, will reportedly allow construction of the project to commence this month.

926 S Kingsley DriveGoogle Maps

The site was originally entitled for redevelopment using the Transit Oriented Communities incentives, with an approval letter issued by the Planning Department in 2023. The prior plan had called for a similar seven-story building with 89 apartments - including nine affordable units.

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