A Seattle-based multifamily developer, Housing Diversity Corporation, is continuing to expand its presence in Los Angeles. Earlier this month, the company filed an application with the City of Los Angeles for a new mixed-use building that would bring extra housing and commercial space to Hollywood residents.
Located at 6766 Hawthorne Avenue, the Steinberg Hart-designed building would feature 58-residential units, with seven units set aside as extremely low income housing. Once completed, the building would reach seven stories and total approximately 25,270 square feet.
While the size of the residential units is yet to be determined, the project would also include approximately 220 square feet of ground floor commercial space and 4,350 square feet of open space, which would include balconies, a lobby and other onsite amenities. The project also would provide 14 parking spots, with additional off-street parking as well as 47 residential bicycle spaces.
The project site is located on nearly one acre of land. It is currently the site of a surface parking lot, and is near a variety of dining and shopping assets. The property is also located near a variety of popular Hollywood attractions including the Capitol Studios building, the TCL Chinese Theater, the Hollywood Walk of Fame and much more. The property is also just several blocks away from the Hollywood/Highland Metro Station.
The Housing Diversity Corporation only recently broke ground on its first Los Angeles project in July of 2020. Located at 1621 McCadden Place, the project will reach eight stories when complete and include 69 apartment units. Since then, the company has greatly expanded its Los Angeles presence, with mixed-use projects planned at 1317 S. Grand Avenue, 603 S. Mariposa Avenue and 1411 S. Flower Street.
Housing Diversity Corporation now operates offices in both Seattle and Los Angeles. Between both markets, the company has 22 multifamily housing developments either completed or in the planning stages.
Overall, demand for additional housing in Los Angeles has elevated over the past several years. According to a Los Angeles third quarter multifamily market report from Marcus & Millichap, leasing activity rose to a record 15-year high in the third quarter of the year. During this time, nearly 9,700 residential units in Los Angeles were absorbed, resulting in a decreased vacancy of approximately four percent. At the same time, rental rates in Los Angeles increased three percent quarter-over-quarter. Marcus & Millichap anticipates this is likely to continue as job growth and renter demand improves. Already over the past year, approximately 37,800 households were added to the region.
The Housing Diversity Corporation did not respond in time to comment on this story.
