The Letty is a Ready-to-Issue (RTI) permit new construction mixed-use mixed-income 40-unit seven story multi-family housing and retail development 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.
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.
The project development team includes AUX Architecture as the architect and Urban Design Center in partnership with Pantheon Development as the development advisors. Housing Equity Partners (HIP) is working in partnership with the development team to structure the proforma analysis scenarios, source investment equity and structure mezzanine financing, if needed. Dr. Abye and his development team are working to value engineer the construction pricing in advance of making the final contractor selection. Construction is scheduled to commence in May-June 2024 with completion by February 2026.
FEATURES AND AMENITIES
- 40 units of one and two bedroom units
- 10% of units dedicated for residents @ or below 30% AMI
- 10% of units dedicated for residents @ or below 80% AMI
- Owner use Stay Ready commercial tenant
- Ground floor retail for healthy food eatery
- Rooftop garden and meeting space
LEGACY
Dr. Abye is developing 4920 Pico Boulevard @ Highland in honor of his late wife, Letty. The development will provide quality housing for lower-income residents and the “missing middle”. Dr. Abye understands that mental and physical health and wellness are essential to thrive as a community. His development of the Letty will provide an opportunity to take all his life’s passions and put them together in one place. To accent the operation of his physical therapy practice, the ground floor storefront commercial space will be made available for another health-oriented venture to add value to this community development project.
STAY READY
In 2006, Dr. Abye founded Stay Ready Physical Therapy and opened his first private practice manual therapy clinic in the Miracle Mile area of Los Angeles specializes in the comprehensive evaluations and treatment of orthopedic pathologies of the musculoskeletal system. Over the next 18 years, Dr. Abye would grow this company to what it is today: four clinics across the greater Los Angeles area, with 50+ employees and thousands of satisfied clients. Dr. Abye is working to open additional clinics in Inglewood and South LA as well as The Letty.