Rocca Development wants to build an 81-unit apartment complex in Hyde Park and would seek city incentives through the Transit Oriented Communities program.
The Canoga Park-based firm has filed plans for the five-story structure at 5300-5310 South Crenshaw Boulevard, property records show.
The site is about half an acre and now houses a parking lot and a small store. Rocca does not currently own the site. The company did not immediately return a request for comment.
The property is near bus stops for lines running north and south on Crenshaw Boulevard and is also a few blocks north of the future Hyde Park stop on the Metro’s Crenshaw/LAX line, which is under construction.
Rocca is hoping to develop the project with help from Los Angeles’ TOC program, which grants certain entitlements — such as density bonuses — for projects near transit that include affordable units. To qualify for the progra, developers of market-rate projects typically set aside around 10 percent of units for low-income renters.
The site is also eligible for the federal Opportunity Zones program. Developers and investors can defer or in some cases forgo capital gains taxes on real estate investments within Opportunity Zones.
Rocca’s proposed project is next door to where Haroni Investments wants to build a 79-unit apartment complex that is also TOC incentives.
The post Rocca Development plans 81-unit rental complex in Hyde Park appeared first on The Real Deal Los Angeles.
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