1.4 million apartments are being planned by developers for the downtown area in the next three years.
This is expected to be a boom time for the area, as the Downtown Los Angeles Plan has recently been released, which outlines a plan for a “new era of urban living” with the aim of attracting “the world’s most diverse community of renters.”
According to the plan, which was released today, the new development will be the first in Downtown LA to include “up to 50 percent affordable, low-rise apartments,” and will “create a dynamic community of vibrant, low income, and diverse residents.”
“This is not a time to be complacent.
This is not just about getting a new apartment.
It’s about changing our entire city,” the plan says.
The developers of the development will also be creating the first new apartment complexes in Downtown Los Angeles in nearly 50 years.
The first phase of the project is slated to include an “affordable and community-friendly development,” and a hotel and condominium tower, as well as the largest single-family apartment building in the area.
These units are expected to have “upgrade living, security, security upgrades, amenities and amenities such as laundry facilities,” the LA City Planning Commission’s Office of Housing and Community Development told the LA Times.
This will be an incredible opportunity for Downtown LA.
Developers are aiming to build 3.4-million units of affordable, mixed-income apartments over the next five years, according to the planning commission.”
We are excited to have the community be a part of this effort.”
Developers are aiming to build 3.4-million units of affordable, mixed-income apartments over the next five years, according to the planning commission.
According to LADOT, more than 40 percent of Los Angeles’ housing stock is either owned by private developers or vacant, and more than 25 percent of new housing construction is concentrated in neighborhoods with high poverty rates.
It is estimated that the city’s average household income in the downtown is less than $25,000.
According a spokesperson for the Los Angeles Department of Housing & Community Development, the agency will also invest $50 million to increase the number of rental units in Downtown L.A. to 5,000 by 2020, from the current 5,500.
The goal is to double the number by 2020.
In a press release, LADot’s spokesperson said the new housing is intended to “provide more affordable and diverse housing options for our most vulnerable residents.”
“As we continue to work with local, state and federal partners to ensure our new apartments meet the needs of all L.O. residents, we will continue to build on the success of the Downtown LA Plan and create a thriving community,” she added.