Description

The Neema Group is pleased to present an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1 manager unit with no parking requiredThe project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8.Plans call for an efficient seven story project, utilizing Type III over Type IA construction for a stacked design reducing construction costs for the developer. The existing 7 units/retail will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projectsThe finished project totals 62,735 SF and has a desirable unit mix of 141 x one-bedrooms and 4 x two-bedroomsThe project is offered at a low price per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the affordability of the projects opens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details)Located in a dense location of South Los Angeles with an easy commute throughout the city with access to the 110 Freeway from W Florence Ave; walking distance to multiple Metro local lines on S Figueroa StThe subject property is close to retail amenities, specifically three retail strip centers at the corner of W Florence Ave & S Figueroa St; nearby to the Childrens Institute Inc., Sixty-Eighth Street Elementary School, and Loren Miller Elementary School