DOWNEY -- Plans are progressing to develop a housing project at the intersection of 3rd Street and La Reina Avenue, adding more housing to Downey's downtown district.
Unlike The View, an affordable housing complex that opened on 2nd Street earlier this year, this collection of townhomes would be sold at market rates, officials said.
The developer is the Olson Company, and it has reached a deal to purchase a half-acre public parking lot at 8132-34 3rd Street for $700,000. City Council members will vote on the transaction Tuesday night.
The Olson Company is already in escrow for property located at the southwest corner of La Reina and 3rd Street. The plan is to combine the two properties and build for-sale, market-rate housing.
Neither site is large enough to be developed individually, officials said.
In a staff report, Downey officials praised the Olson Company for being a "recognized leader in creating attainable, thoughtfully designed new homes priced within reach of California homebuyers."
Olson Company is the developer behind projects such as SoCo Walk in Fullerton, Artist Village in Santa Ana and the Promenade Walk in Long Beach.