40 Unit Mixed-Income Mixed-Use Development

PROJECT DESCRIPTION

Introducing the investment opportunity for The Letty! This new construction mixed-use mixed-income 40-unit seven story multi-family housing and retail development is being built at 4920 W. Pico Boulevard @ Highland in the Mid-City community of Los Angeles. The project features 23 one-bedroom one-bath and 17 two-bedroom two-bath very spacious units. The project will feature a 1,446 sf retail space on the ground floor and a 2,000 sf commercial space on the second floor which will be owner occupied by project developer Dr. Aman Abye's Stay Ready Physical Therapy practice. The project also features a roof top deck with panoramic views of the city.

PROJECT READINESS

Dr. Abye is developing this project in honor of his late wife Letty and has assembled a team with the requisite expertise to ensure that it comes to fruition. AUX Architecture designed this modern seven-story building and has obtained the Ready-to-Issue (RTI) permits from the City of Los Angeles Department of Building & Safety.
Density bonuses and additional floor height were awarded to the project as part of its Transit Oriented Communities (TOC) approval by the City of Los Angeles Planning Department in exchange for providing 4 dedicated housing units for residents @ or below 30% of the Area Median Income (AMI). No additional permits or approvals are required to commence construction.

CONSTRUCTION AND MANAGEMENT

The project development team includes AUX Architecture and Urban Design Center in partnership with Pantheon Development as the development advisors. The team has taken the project out to bid and has selected three general contractors as the final bidders. Dr. Abye and his development team are working to value engineer the construction pricing in advance of making the final contractor selection. The Urban Design Center team is also developing a design-build strategy to purchase materials and equipment directly from manufacturers and suppliers. Construction is scheduled to commence in May-June 2024 with completion by February 2026.

MID-CITY LOS ANGELES

LOCATION: Mid-City, a vibrant neighborhood in Los Angeles, has stood the test of time, maintaining its lively essence and attracting a diverse population that contributes to its rich cultural tapestry. As detailed in the City of Los Angeles Mid City Corridors Redevelopment Plan, the area is bounded by Fairfax to the west, San Vicente to the North, Western on the east and Dr. Martin Luther King, Jr. Boulevard on the south. Known for its ethnic diversity and inclusive atmosphere, Mid-City comprises sub-neighborhoods like PicFair Village, Brookside, and Victoria Park, where residents from various backgrounds come together to create a welcoming community.
HISTORICAL SIGNIFICANCE: With a historical significance dating back to the Great Migration era, Mid-City has been a place of opportunity for African Americans seeking upward mobility. Today, residents of Mid-City enjoy proximity to renowned LA attractions and major freeways, adding to the neighborhood's bustling character and providing easy access to the city's best offerings. The residential landscape of Mid-City features primarily detached houses along with a mix of condominiums and apartments. Developed mainly in the mid-1920s to the 1930s, the area boasts Tudor houses, Craftsman homes with wide front porches, and Spanish-style residences with distinctive clay roofs that offer both aesthetic appeal and practical benefits.
CULTURAL AND ENTERTAINMENT ASSETS: From exploring Ice Age species at the La Brea Tar Pits and Museum to enjoying live jazz at Pips on La Brea or catching local talent at The Mint, residents have a plethora of entertainment options at their doorstep. The neighborhood also offers quality dining experiences along Pico Boulevard, with cafes like Paper or Plastik Café and eateries like Stevie’s Creole Café catering to diverse culinary preferences. Amidst the urban buzz, Genessee Avenue and Queen Anne pocket parks provide tranquil green spaces for families and individuals to unwind and connect with nature.