An industrial building in South Los Angeles may be reborn as apartments.

Yesterday, an entity called Luxe Holdings, LLC submitted an application to the Department of City Planning to convert the three-story structure at 4851 S. Alameda Street into 118 apartments through the artists in residence ordinance.

The property, which spans an L-shaped site at 48th Place and Alameda, was built out in phases between the 1920s and 1950s. As currently built, it offers approximately 260,000 square feet of industrial space. The building overlooks the Alameda Corridor's Mid-Corridor Trench, which is used to move freight to and from the Ports of Los Angeles and Long Beach.

But despite its industrial setting, the project site is located just a half-mile walk from the Blue Line's Vernon Station.

The developer, Luxe Holdings, is based out another 1920s industrial building at 1340 E. 6th Street in the Arts District. That property is also slated for conversion to apartments.