A surface parking lot fronting Venice Beach is set to give way to a mixed-use residential development, according to an application submitted earlier this month to the Los Angeles Department of City Planning.

The property at 601 S. Ocean Front Walk, which is owned by an entity affiliated with Mission Investors Corp. of Ventura, is slated for the construction of a new four-story building featuring 30 studio and two-bedroom apartments with 9,000 square feet of ground-floor commercial space and parking for 46 vehicles.

Requested approvals include density bonus incentives to permit a larger building than would otherwise be allowed by zoning rules. In exchange, five of the apartments would be set aside for rent by low-income households.

In addition to city-level entitlements, the location of the project means any redevelopment will also require Coastal Commission authorization.

While new housing developments this close to the beach are uncommon in Venice, they are not without precedent. Applications in recent years have sought to bring smaller mixed-use projects to several sites along Ocean Front Walk, including a property formerly occupied by Snapchat maker Snap, Inc.

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