Affordable Housing Project to Rise in South Los Angeles
By Nick Trombola November 28, 2023 2:12 pm
reprints
A Los Angeles-based development firm wants to build an affordable housing project in the city’s South Park neighborhood along the I-110 Freeway near Exposition Park.
Eleos Ventures, which specializes in affordable housing, submitted a site plan last month to build the Broadway Apartments at 5001-5021 South Broadway, Urbanize reported.
Plans call to replace a commercial property with 187 units in a seven-story, 100 percent affordable apartment building. The building would also feature commercial space on the ground floor. The apartments would be a mix of studio, one- and two-bedrooms restricted to moderate- and low-income households.
“We believe this model helps reduce cost, reduce schedule, and actually makes an impact on the affordable housing crisis in L.A.,” Eleos principal and co-founder David Aghaei told Commercial Observer.
Aghaei said that the project entitlements are already approved and that the firm expects to break ground in about 12 months. The project is also 100 percent privately funded, per Aghaei.
The project qualifies for an expedited approval via Mayor Karen Bass’s Executive Directive 1, which requires the city to finish the review process for 100 percent affordable housing projects within 60 days of submission.
Eleos has plans for 20 other affordable housing projects across the city, including four that are currently under construction in East L.A., according to the firm.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
