Six Peak Capital Leverages ED1 Program to Boost LA Westlake Project to 220 Units

A Los Angeles-based developer, Six Peak Capital, is planning to expand the scope of a residential project located in the Westlake district. This initiative involves increasing the number of units beyond the original plan, leveraging a city program designed to fast-track affordable housing projects.

1,200 × 900

Original Plan for 2859 Francis Avenue

Initially, Six Peak Capital secured approval for a six-story apartment building at 2859 Francis Avenue. This project was to feature 110 units, with 11 of them designated as affordable housing, as part of the Transit Oriented Communities program. The site, which remains vacant, was slated for development under zoning rules that support transit-accessible areas.

Revised Proposal and New Entitlements

The developer has now applied to increase the building’s height to eight stories and add 121 more units, significantly exceeding the original zoning limitations. As reported by Urbanize LA, the revised plan includes no on-site parking. Under the city's Executive Directive 1, all new units will be marketed as affordable housing.

Streamlining Affordable Housing Development

Mayor Karen Bass launched Executive Directive 1 in 2022 to accelerate the development of affordable housing projects. This program aims to eliminate bureaucratic delays and expedite the pre-construction review process for housing developments that are entirely affordable. If fully realized, the program could result in the creation of around 14,000 new residential units across Los Angeles.

Six Peak Capital's Involvement in Affordable Housing

Six Peak Capital has a track record of utilizing transit-oriented development incentives and other benefits from Executive Directive 1 for infill projects around the city. One notable example is their ongoing development of a 121-unit apartment complex on Sunset Boulevard in the Silver Lake district, further showcasing their commitment to affordable housing initiatives.