A trio of homes built between the 1930s and 1940s could make for new affordable housing through the Mayor's Executive Directive 1.
Earlier this month, Drona Investments filed an application with the Los Angeles Department of City Planning seeking entitlements for the construction of a new project at 7408 S. Figueroa Street in Vermont Knolls. The proposal calls for the construction of a seven-story building featuring 157 apartments and no on-site parking.
The proposed apartments would largely serve low- and moderate-income households, save for a single very low-income unit and market-rate manager's unit.
Drona Investments, the applicant, has previously been attached to a proposed multifamily residential development in Hyde Park.
City records indicate that the Figueroa Street site last sold in 2022 for $1.45 million. Prior to that, the property was slated for the construction a predominantly market-rate, mixed-use project with 45 apartments and commercial space.
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- Vermont Knolls (Urbanize LA)