An affiliate of commercial real estate developer Eleos Ventures has submitted plans to build a 42-unit affordable housing project in the Boyle Heights neighborhood, according to a planning case opened by the city of Los Angeles last month.
The project would rise at 228 – 230 N. Soto St., just south of East Cesar E Chavez Avenue. Plans call for a four-story, roughly 18,000-square-foot project to replace a duplex at the 8,570-square-foot project site.
The proposed project is one of multiple being led by Eleos, an affiliate of commercial real estate investment company Oak Road Capital. It also recently filed plans for a similar project in South Los Angeles.
The project site for 228 – 230 N. Soto St. was acquired by a company organized by Oak Road Capital founder David Aghaei in April for $1.35 million, according to Los Angeles County property records.
The developer is requesting Tier-4 project incentives under the city of Los Angeles’ Transit Oriented Communities Incentive Program, including an 80-percent density bonus and an elimination of off-street parking otherwise required of new multifamily developments. Plans also call for an up to 11-foot height increase, per TOC incentives, which would allow for a project height of about 52 feet.
Named Soto Apartments in application documents, the community would offer three different types of one-bedroom units along with amenities such as a roof deck and landscaped rear yard with common-area seating. It would also provide about 50 bicycle spaces.
