Developer SoLa Impact has filed plans for a five-story, 50-unit affordable housing project in Exposition Park at the northeastern corner of West Martin Luther King Jr Boulevard and Halldale Avenue, a new planning case opened by the city of Los Angeles shows.
Named 1451 MLK, the project would replace a one-story commercial building once occupied by Alex Fish Market with a new 56-foot-tall apartment community.
As a fully affordable housing project, the proposed development qualifies for a boost from Tier 3 to Tier 4 under the city’s transit-oriented communities program. Per Tier-4 incentives, plans call for zero parking spaces, along with a 25-percent reduction in required open space.
The project architect is El Bayar Design & Development Group.
Designs call for 50 one-bedroom units, along with amenities including a ground-level community room and landscaped courtyard. The project would also provide 50 bicycle spaces.
SoLa Impact acquired the 11,878-square-foot project site last year for $1.45 million, according to Los Angeles County property records.
Describing itself as a family of social impact real estate funds, SoLa Impact leads a variety of projects throughout South Los Angeles, often in Opportunity Zones, which provide long-term investors in real estate and other businesses tax advantages.
The project site for 1451 MLK is in a designated Opportunity Zone census tract.
