By: Steven Sharp | Urbanize LA
Frank McCourt, former L.A. Dodgers owner turned gondola builder, is looking to now add multifamily housing in Chinatown to his portfolio.
This week, an entity affiliated with McCourt Partners submitted an application to the L.A. Department of City Planning seeking entitlements for a new apartment complex at 766-788 W. College Street. The hillside property, which would also flank Figueroa Terrace and the 110 freeway, calls for the construction of a seven-story building that would feature 170 studio, one-, and two-bedroom apartments above parking for 85 vehicles on two below-grade levels.
Yes, THAT Frank McCourt.
— Nelahism (@nela_minded) February 9, 2023
Did you forget that when he sold the Dodgers, he only sold the stadium, and none of the land around the stadium…
McCourt plans 170 apartments at 766 W College Street in Chinatown https://t.co/GGptso1N0W
Requested entitlements for the proposed project would include Transit Oriented Communities incentives, allowing a larger, denser apartment complex than would otherwise be permitted under zoning rules. In exchange, 17 of the new apartments would be set aside for rent as deed-restricted affordable housing at the extremely low-income level for a period of 55 years.
Read the full article here.