A new affordable housing complex has been proposed for development at 7408 South Figueroa Street in Vermont Knolls. The project proposal includes the construction of a new seven-story building offering spaces for affordable housing. The project would replace three existing residences built between the 1930s and 1940s.
Drona Investments is the project developer.
New affordable housing through the Mayor’s Executive Directive 1 may soon come to Los Angeles. The project proposes to bring 157 apartments into a seven-story building. The affordable housing structure will not offer any onsite parking. The proposed apartments would largely serve low-income and moderate-income households, save for a single very low-income unit and a market-rate manager’s unit.
A project application was submitted earlier this month, and the developer seeks entitlements for the construction of the new project. 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 of a predominantly market-rate, mixed-use project with 45 apartments and commercial space.
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