A new apartment complex is under construction at 1457 North Main Street in Chinatown, Los Angeles. The project proposal includes the construction of a new six-story building offering 300+ residential units. A food processing facility was demolished to clear the site for the project to commence site prep.
New York-based Thrive Living is the project developer. The Architects Collective is responsible for the designs.
1457 North Main Street via The Architects Collective
Earlier this year, Los Angeles Planning Commission had approved a new six-story structure offering 376 residential units and commercial space on the ground floor. Plans call for the development of a new modular apartment complex with units designed as a mix of studios and one-bedroom apartments. The mixed-use will feature 6,448 square feet of ground-floor commercial space. Plans also call for parking for 104 vehicles.
Onsite amenities include open spaces, a rooftop deck and street-level courtyards, a gym, a recreation room, and a business center.
1457 North Main Street Outdoor via via The Architects Collective
Thrive Living is required to set aside 42 apartments for rent as extremely low-income affordable housing. However, the remaining apartments would be targeted toward moderate-income renters earning up to 80 percent of the area median income level, such as teachers and nurses. The property will also accept applicants with Housing Choice Vouchers.
According to Thrive Living, the project is the first fully income-restricted development. The project was financed by JPMorgan Chase through its Workforce Housing Solutions group. The project received a constructional loan of $68.5-million. The project is anticipated to reach completion in late 2024. The project site is located near Los Angeles State Historic Park in Chinatown.
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