T
hrive Living, a Los Angeles-based unit of Magnum Real Estate Group, is constructing a prefabricated apartment building in Chinatown. The project, dubbed Main Street Apartments, aims to cut 15 percent from the construction budget using modular units.

    The six-story complex at 1457 North Main Street will feature 376 studio and one-bedroom units above 6,500 square feet of ground-floor shops and restaurants. Parking for 89 cars is also included. Thrive was approved to reserve 42 apartments as affordable housing for extremely low-income tenants.

    The remaining 334 market-rate units are expected to be rented to moderate-income renters earning up to 80 percent of the area median income, including teachers and nurses. The landlord will accept applicants with Housing Choice Vouchers. Designed by Orange-based AO, the building will have a rooftop deck, gym, recreation room, business center, and street-level courtyards.

    Thrive's use of modular construction is expected to reduce overall costs by 15 percent. Completion is anticipated next year. This project follows Thrive's recent development in Baldwin Hills, where it broke ground on the first Costco Wholesale store topped by apartments.