The Los Angeles planning department has given approvals to plans for a four-story, 53-unit affordable housing project to rise on Main Street in South Los Angeles, according to a determination letter posted by the city last month.
The project will take shape at 4752 – 4760 S. Main Street, a two-parcel site at the southeastern corner of the South Main Street and East 47th Place intersection, and is being led by Eleos Ventures, a development company co-founded by Oak Road Capital principal David Aghaei. Plans call for 53 one-bedroom apartments: 48 units for low-income households, four units for extremely low-income households, and one manager’s unit.
Currently used as a 35-space parking lot, the South Los Angeles project site was acquired in March by an affiliate of Eleos for about $1.2 million.
Planning department approvals granted last month include Tier-3 project incentives under the city’s transit-oriented communities incentive program, including a 25-percent reduction in required open space. The project is also moving forward without a required parking minimum and will provide two uncovered parking spaces accessible from South Main Street, according to last month’s determination letter.
Plans also call for space for 52 bicycles, along with about 2,500 square feet of common open space that will include a roof deck.
