9402 South Broadway (Credit: Google Maps)
Development and architecture firm Archeon Group is adding a multifamily project to its pipeline in South Los Angeles, a neighborhood that has seen a rise in interest from developers.
Koreatown-based Archeon submitted plans this week for a 180-unit apartment complex on a 2.8-acre property at 9402 South Broadway, property records show. The firm is requesting a density bonus for the project, and about 20 units would be designated for low-income households. The rest would be market-rate.
The site — which has been vacant for nearly 25 years — was originally part of a larger lot, but two of those acres have been developed into affordable housing over the years.
The new development will be adjacent to the 49-unit Broadway Villas, an affordable housing complex developed by AMCAL.
Archeon, which is run by Christopher Pak, has designed other major projects, such as the Lake on Wilshire, set to include a 41-story apartment tower and 220-room hotel near Westlake.
Amid the city’s affordability crisis, multifamily developers and investors have increasingly been looking to South L.A. Most recently, plans were filed with the city to redevelop an 88-unit building on Western Avenue. And last year, the Michaels Organization and BRIDGE Housing started work on the second phase of a $1-billion project that would include 1,400 residential units in Watts.