An upstart Los Angeles-based real estate developer has plans for a four-story, 53-unit affordable housing project to replace a parking lot in South Los Angeles, according to a new planning case opened by the city this week.
Slated for 4752 – 4760 S. Main Street, the proposed development is being led by Eleos Ventures, a company formed by the leadership of commercial real estate investment company Oak Road Capital. The roughly 13,000-square-foot, two-parcel project site, which is at the southeastern corner of South Main Street and East 47th Place, was acquired earlier this year by a company organized by Eleos co-founder David Aghaei for about $1.2 million, county property records and state business filings show.
Plans call for a roughly 52-foot-tall, 23,634-square-foot development with transit-oriented communities program incentives including a height increase and reduced parking minimum. The project would provide two automobile parking spaces and 52 bicycle spaces, according to application materials.
The South Los Angeles development would also offer 2,650 square feet of private open space, 1,624 square feet of landscaped open space, and 2,435 square feet of common open space, including a roof deck, plans show.
