Drona Investments 157-Unit Affordable Housing Project Rises in South Los Angeles

• Drona Investments is developing a seven-story affordable housing complex at 7408 S. Figueroa St. in the Vermont Knolls neighborhood of South Los Angeles.
• The project will include 157 studio, one- and two-bedroom apartments without on-site parking.
• Except for one market-rate manager’s unit, all apartments will be reserved for very low-, low- and moderate-income households.
• Drona Investments is also designing the contemporary podium-style building.
• The property was previously planned for a predominantly market-rate mixed-use development with 45 apartments and commercial space.

What Is Rising at 7408 S. Figueroa St.

Construction is underway on a large affordable housing development at 7408 S. Figueroa St. in the Vermont Knolls neighborhood of South Los Angeles. The project is located just west of the US-110 Freeway and will rise seven stories. Plans call for 157 apartments with a mix of studio, one-bedroom and two-bedroom floor plans. Drona Investments is serving as the project’s developer and designer. A construction completion date has not been announced.

What Affordable Housing the Project Will Provide

Nearly all of the development’s 157 apartments will be income-restricted. With the exception of one market-rate manager’s unit, the residences will be reserved for very low-, low- and moderate-income renters. The project will therefore include 156 income-restricted apartments. The exact number of units assigned to each income category was not provided. Rental rates and tenant income limits have also not been announced.

What the Building Will Look Like

Renderings show a contemporary podium-style building with seven levels of residential space. The project will not include on-site vehicle parking. Additional details regarding the development’s total square footage, building height, residential amenities and bicycle parking were not included in the announcement. Drona Investments is credited with both developing and designing the project.

What Was Previously Planned for the Property

The site was previously proposed for a smaller, predominantly market-rate mixed-use development. Those earlier plans called for 45 apartments and ground-floor commercial space. The current development replaces that proposal with 157 residential units focused almost entirely on affordable housing. The revised project increases the planned housing count by 112 apartments but does not include the commercial component proposed under the earlier development plan.

What Is Planned Near the Development

The Figueroa Street property is adjacent to an existing bungalow court apartment complex that is planned for redevelopment as small-lot homes. Drona Investments is also connected to plans for a similar housing development several blocks north along Figueroa Street, adding to the company’s residential development activity in South Los Angeles. Information regarding the project’s architect beyond Drona’s design role, general contractor, financing, construction timeline and expected completion date has not been announced.