Another multifamily residential complex is planned in the South Park neighborhood of Downtown Los Angeles. According to broker Samir Rai of Keystone Realty, Los Angeles-based FMB Development recently closed on a property at 1317 S. Hope Street, and will soon begin construction for a seven-story building on the property.  Permit filings from the Department of Building and Safety describe the project as featuring 38 residential units - including six units for very low income households - above ground-floor retail space and two levels of underground parking. The proposed development, designed by DE Architects, would replace a small warehouse.  However, an exact timeline for the project is unclear. Rai also notes that a similar entitled property is currently on the market for $4.7 million a short distance south at 1333 S. Hope Street. The project represents the continued southward expansion of Downtown’s residential community, which has now established a foothold along Pico Boulevard. FMB’s project sits immediately south of a large parking lot which is slated for the second phase of Jade Enterprises’ Onyx development.