Developers are constantly looking for ways to bring more housing options to Los Angeles and the surrounding area. Here’s a look at a few of the proposed residential changes you may soon see in and around the city.
600-Condo Project Coming to Arts District
A recently-proposed project in the Arts District will bring 600 new live/work condos to the area. With plans to build near the Fourth Street Bridge next to the new Grove-style mall and between Santa Fe and Mateo, the project will be the largest residential development proposed for the district. In addition to condos, the proposed space will also feature 60,000 square feet of commercial space.
Currently, the proposed site for the project is home to a single-story building. This building will be demolished to make space for the new residential building.
Motels Being Transformed into Housing for Homeless Veterans
The city of Los Angeles has a new plan underway that will call for repurposing “nuisance” motels into housing for hundreds of homeless veterans. The plan would serve two primary purposes. First, it would eliminate hotels where criminal activity is frequently tolerated. Second, it will provide homeless veterans in the area with a place to live. A recent study found that there are more than 2,700 homeless veterans in Los Angeles County.
The housing project would be paid for with vouchers that come from the U.S. Department of Veterans Affairs. Currently, the U.S. Department of Veterans Affairs has a $600 million bond to go toward this purpose that was authorized by Proposition 41. 500 of these vouchers, which are good for 15 years, have been issued, with 100 going to Volunteers of America and 400 going to Step Up on Second and Shangri-La Construction. By targeting motels for housing, there will be no need to make zoning alterations or conduct extensive redevelopment. As such, many of the units could be ready as early as January 2017.
Cecil Hotel Becomes a Hot Commodity
While some hotels and motels in Los Angeles are considered a public nuisance, others are considered to be a hot commodity. The Cecil Hotel in Downtown Los Angeles, for example, has risen to popularity in the last couple of years. The Cecil Hotel has a long and troubling past, as it is largely known for being a place where murderers lived and where bodies have been found. In fact, the notorious serial killer Richard Ramirez, aka the Nightstalker, lived in the hotel for two years over which he committed at least 13 murders. The story of the hotel’s shady past is so well-known that it even served as the inspiration for a season of American Horror Story.
Purchased by New York real estate developer Richard Born in 2014, the 600-room hotel was renamed the Stay on Main. Born reportedly paid $30 million for the hotel and then quickly started to work toward transforming it into a reasonably priced residence that caters primarily to young professionals. The project has since been handed over to Simon Baron Development, which has bought into a 99-year ground lease on the building at a cost of $15 per square feet per year. The current plan is to change Stay on Main into a mix of rental apartments and hotel rooms. The company also plans to restore the building, which was originally opened in 1924, so that it blends in with the Downtown atmosphere.
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(all data current as of 5/29/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.