Located at 4050 S. Figueroa Street, the five-story building will include 57 apartments - 56 of which will be deed-restricted for households earning between 30 and 50 percent of the area median income - above approximately 3,400 square feet of ground-floor office space.
Egan Simon Architecture designed the RISE development, which closely resembles renderings produced at the time of the project's groundbreaking in 2018. Plans call for on-site amenities including a courtyard, roof terraces, and a community room.
The project is one of earliest developments funded through the $1.2-billion Proposition HHH bond measure, which provides financing for supportive housing across the City of Los Angeles. The cost of the RISE project was originally estimated at $32 million.
The mixed-use project is named for RISE Financial Pathways, a non-profit commercial lender which serves low- and moderate-income communities in Los Angeles County. The organization previously occupied a small commercial building at 4050 S. Figueroa Street, which was demolished to make way for the apartment complex.
Downtown-based SRO Housing Corp. is currently in the midst of construction of two additional projects that will bring more than 220 apartments for unhoused persons to the Westlake community.
- 4050 S. Figueroa Street (Urbanize LA)
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