On Feb. 14, the Los Angeles City Planning Commission voted in support of the catalytic “The Fig” project in South Los Angeles, proposed for the corner of 39th and Figueroa streets. This project marks the first time a development of this magnitude is brought south of the 10 freeway and into the heart of one of Los Angeles’ oldest and most historic neighborhoods.
If approved by the full City Council, The Fig will bring an unprecedented 82 new affordable housing units, a 298-room hotel, as well as 222-student and 104 market-rate housing to the Ninth District. The development will help activate the Figueroa corridor and bring much-needed tourism and economic activity to the area.
In addition to new housing, this project will create more than 1,100 good-paying, union jobs during construction with more than 30 percent of the workforce consisting of local hires and more than 440 permanent jobs when the project is completed. The Fig is expected to generate more than $5.5 million in tax revenues annually for the City, benefiting surrounding parks and schools.
“The Fig is crucial to meeting the challenges of our current housing and jobs crisis,” said Councilman Price. “Furthermore, it would net the City more than $5 million annually in tax revenues and has the potential to uplift current and future generations in the District.”