Los Angeles City Council has approved the release of $56million in funding for the construction of two affordable housing and permanent supportive housing projects in Venice and Hollywood. Two new housing projects with nearly 150 apartments will be added to the city’s affordable housing.
The Thatcher Yard Project
Thatcher Yard Project via Steven Giannetti
The first project is proposed will rise at the former site of the Thatcher Maintenance Yard in Venice’s Oxford Triangle. Brentwood-based firm Thomas Safran & Associates is the project developer. Architect Steven Giannetti is responsible for the design concepts.
The proposed project will consist of multiple buildings ranging between one and three stories in height, offering a total of 98 apartments. A parking garage will be developed at the basement level. The houses will be designed in a mix of one-bedroom, two-bedroom, and three-bedroom units. A portion of dwellings will be reserved for seniors.
Project completion is expected in Spring 2024. The funding for the Thatcher Yard project includes roughly $33.4 million in tax-exempt bonds and more than $6.5 million in taxable multifamily housing revenue notes.
Pointe on La Brea Apartments
Pointe on La Brea via FSY Architects
The second project which received funding is Pointe on La Brea apartments located at 843-849 North La Brea Avenue. The Council approved $16.5 million in funding for the project. EAH Housing is the project developer. FSY Architects is responsible for the design concepts.
Renderings reveal a five-story edifice offering 50 apartments, including 49 low-income supportive units. Parking spaces for five vehicles will be provided on the site. Open space amenities include a community room, a courtyard, and a roof deck.
The total estimated cost of the project is $32.3 million.
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