Plans for a four-story, 42-unit affordable housing project in Boyle Heights by developer Eleos Ventures can move forward, according to approvals laid out by the Los Angeles planning department in a determination letter posted by the city last week.
Named Soto Apartments in planning documents, the project will rise at 228 – 230 N. Soto St. in place of a single-story multifamily structure and two detached garages. It will hold 42 one-bedroom apartments, including five reserved for extremely low-income households, 36 for low-income households, and one manager’s unit, plans show.
Approvals include Tier-4 project incentives under the city’s Transit Oriented Communities Incentive Program, including an 80-percent density bonus in lieu of 23 base units allowed otherwise, as well as an eliminated required parking minimum. For being an affordable housing project, the proposed development qualified for a one-tier increase in the TOC program.
Eleos, which submitted plans for the Soto Street apartment project earlier this year, is affiliated with commercial real estate investment company Oak Road Capital. The project site was acquired by a company formed by Oak Road Capital founder David Aghaei in the spring for $1.35 million, county property records show.
Rising about 52 feet, the community will also hold about 3,700 square feet of open space including private balconies, a rear yard, and a roof terrace. It will also provide space for 48 bicycles.
