Developers interested in submitting proposals for 325 to 375 units of rental housing on two sites in the southwestern area of downtown Los Angeles, known as South Park, may contact Michael Cracraft at the Community Redevelopment Agency, 354 S. Spring St., Suite 800, Los Angeles 90013.
"This request for proposals constitutes a major public and private sector partnership that will result in the total expenditure of $50 million in private funds," CRA board chairman James M. Wood said. At least 15% of the units will be available to households with incomes of no more than 80% of the median.
The sites are adjacent to a proposed park in the vicinity of 9th and Hope streets, now in the first phase of a proposed three-phased development expected to bring 12,000 to 15,000 new residents into downtown during the next 25 years.
Significant resources have already been expended towards developing a residential community in South Park.
Activities currently under way include development of the three-acre Olympic Park, rehabilitation of the Variety Arts Center, Embassy Hotel and Theatre, several residential hotels and apartment buildings, and planning for a fashion design and merchandising school.