Local real estate development firm RMG Housing has broken ground on a permanent supportive housing complex in the Vermont Square.
The new development, located on a city-owned site at the northwest corner of 52nd and Figueroa Streets, will consist of a four-story edifice containing 40 residential units.
View of 5215 S. Figueroa StreetUrbanize LA
City records list Torrance-based Breen Engineering as the architect for the project, which is depicted in a single rendering as a contemporary low-rise structure. Building permits indicate that the low-rise structure will be composed of prefabricated modular units.
Earlier this year, RMG Housing secured $7-million in financing for 5215 Figueroa through SDS Capital Group's SDS Supportive Housing Fund, a private-equity impact fund designed for permanent supportive housing projects.
"The Fund is a new and very nimble source of capital that dramatically shortens the timeframe to finance and develop housing for people experiencing homelessness," said SDS Capital Group president and chief executive Deborah La Franchi in February. "This innovative approach brings financially-sustainable, quality housing for Angelenos most in need."
The project will also offer on-site case managers to connect residents with supportive services and resources.
Plans 5215 Figueroa, as well as a neighboring property at 5260 Figueroa, date to a July 2020 vote by the Los Angeles City Council to develop both sites with permanent supportive housing.
5215 S. Figueroa StreetGoogle Maps
The move came just one month after the finalization of an agreement between the City and County of Los Angeles to create 6,000 new shelter beds for the region's homeless population over the succeeding 10 months - supplementing 700 beds which were already in development. The 10-month deadline set in that agreement is April 15.
In addition to 5215 Figueroa, RMG Housing is developing a handful of affordable and supportive housing projects across South Los Angeles.
- Vermont Square (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr
