A New York-based real estate development group is looking to add additional housing to Los Angeles. A recently submitted proposal – which has been linked to Ben Schaoul of Magnum Real Estate Group – shows the company’s intent to develop 376 units near city’s Chinatown neighborhood.
The project would be located at 1457 Main Street. In total, the development would reach 194,581 square feet. Of the total square footage, 6,448 square feet of space would be dedicated to restaurant use, 149,776 square feet would be dedicated to residential use. The remaining square footage would be designated as common amenity space.
According to project plans, the residential space would encompass 194 studio and 182 one-bedroom units, ranging in size from 348 to 452 square feet. Of the total units, 16, or 20 percent, would also be designated as affordable housing.
Designs for the project come from AO Architects and are intended to provide a “community-friendly lifestyle,” according to project plans. Project designs feature community amenity space on the ground floor, including space for meetings and social gatherings. The development would also accommodate 105 parking spaces, 173 long-term bicycle parking spaces and Project includes approximately 173 long-term interior bicycle parking spaces, 22 short-term bicycle spaces and 17 parking spaces for motorcycles.
Other open space amenities include the development of two courtyards with picnic tables and landscaping, private patios and balconies, an outdoor yoga deck and an indoor fitness studio.
Currently, the project site is developed with a 25,709 square-foot, two-story food processing facility, which would be demolished to make for the proposed project.
The project site is located north of downtown Los Angeles and just south of the Los Angeles State Historic Park, the Dodgers Stadium and Elysian Park. The site also sits within close proximity to several major freeways, including Interstate 110, 101 and 10.
Should the project be approved, the development would be Magnum Real Estate’s first move into the area. According to the company’s website Magnum Real Estate owns an expansive portfolio worth more than $4 billion across New York. With a focus on residential development, the company has undertaken 80 development projects.
In general, the Chinatown area has been seeing a growth in interest from developers over the past several months. One development that will soon be added nearby is a 1.1 million square-foot mixed-use campus, which includes space for residential use, a hotel and more. The project, which was approved by the City in 2021, will be located at 1111 Sunset Boulevard on more than 5.5 acres of land.
