Clearinghouse Community Development Financial Institution has announced plans to construct a multifamily residential building on a vacant lot in Koreatown

The proposed development, slated for a site at 744 S. Mariposa Avenue, calls for the construction of a six-story building featuring 31 studio and one-bedroom apartments above two levels of parking.

Renderings depict a contemporary low-rise structure.

“Los Angeles is experiencing a severe housing shortage. Our development of this property—from vacant land into transit-oriented, community housing—will help address a critical need,” said said Clearinghouse President and Ceo Doug Bystry in a statement.

Opportunity Zone investment for the project was arranged by APEX Pacific Partners Advisors, a company which focuses on multifamily apartments, office buildings, retail, and hotel assets.

The proposed apartment complex would rise a block east of Normandie Avenue, where Jamison Services, Inc. is planning a similar development for another vacant lot.

Just south across 8th Street, an 80-room hotel is planned to replace a parking lot.

The two blocks of Normandie and Mariposa are largely developed with 1920s and 1930s apartment blocks.  The area is known as the Normandie Mariposa Historic District.

Clearinghouse, which is based out of Lake Forest, has provided $1.8 billion in loans for 1,860 different community projects over the past 23 years.