Redevelopment plans have been proposed for transforming a parking lot into a mixed-use residential space at 725 North Spring Street in Chinatown, Los Angeles. The project proposal includes the construction of a new residential community offering 300 affordable homes and commercial space. Los Angeles County and Linc Housing Corp could team up to redevelop a City-owned surface parking lot in Chinatown.
Linc Housing is the project developer.
Named Parking lot 45, the project sits spans an area of 73,400 square feet. The scope of work includes the development of 300 affordable homes and commercial space, yielding a total built-up area spanning 360,000 square feet. Plans call for 144 units of family housing, 156 units of senior housing, 10,611 square feet of ground-floor retail space, 9,144 square feet of community/retail facilities, 57,554 square feet of open space, and a 120-car garage.
Parking will be provided by reopening an adjoining garage, which was shut down in 2020 due to underutilization. The unit availability will be restricted to lower-income households earning at or below 30 and 45 percent of the area’s median income level.
A project application has been submitted, pending review and approval. A meeting has been scheduled on September 24, 2024.
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