Tuesday, October 25, 2016

Developer plans six-story apartment building in Echo Park area

lucas apartments

Site of 125-unit apartment building

ECHO PARK —  A developer of affordable apartments is preparing to build a six-story, 125-unit complex immediately south of Echo Park in an area where developers are planning other projects, including an apartment building on the site of the nearby Bob Baker Marionette Theater.

The project at 111 1/2 S. Lucas Avenue, a hillside that rises above the First Street Bridge, will consist of 56 units reserved for low income seniors or disabled tenants in addition to 67 other affordable units and two units for apartment managers, according to building permit information. The apartments would be constructed above one level of subterranean parking.

The apartments are located on a property purchase early last year by Westlake Housing for about $5 million, according to PropertyShark.com.  Westlake Housing is a Texas-based builder and manager of housing reserved for low-income tenants, including the Manitou Vistas apartments in Lincoln Heights.

The Westlake project will rise in an area near the junction of Lucas, First Street and Glendale Boulevard, where several other large residential projects have been built or are planned. Across the street, the 276-unit Belmont Station Apartments were completed in 2008, and, about two blocks north on Glendale,  the 45-unit Larry Itliong Village apartments were completed about three years ago.  Meanwhile, a developer has purchased the nearby Bob Baker Marionette Theater, where it plans to build a 104-unit apartment complex.

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  1. Development boosters please take note: no one is challenging this all affordable project.

    They paid $5M and it’s still considered “profitable” to build 100% affordable housing. That fact should shine a light on the lies we hear from developers of market rate units who claim they’ve paid so much they can’t work around their model to provide affordable units. Sure, it’s different financing, but truth be told developers could most certainly build more affordable units and still have a project that “pencil’s out.” Drunk on those 20%+ margins for market rate projects!

  2. I’ll believe it when I see it done. I say the development company resells the property.

  3. Affordable housing makes me smile. 🙂 YES YES YES!

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