U.S. Bank Completes Financing Deal for Two L.A. Senior Affordable Housing Projects

By Alex Girda, Associate Editor

An important financing deal securing the future of two urban senior housing developments in Los Angeles was completed last week when U.S. Bank confirmed that it is providing $55.1 million for the projects. The two affordable housing communities have groundbreaking ceremonies scheduled this month. U.S. Bank is working with the Retirement Housing Foundation to get the two developments done. The banking giant will present the organization with a $30,000 check, in support of its current senior housing endeavors.

The two affordable senior housing developments are Broadwood Terrace in South Los Angeles and Las Alturas in East Los Angeles. The two residential complexes will add a total of 165 new affordable units for eligible seniors; 153 of those units are designed to be HUD 202 Section 8 rental subsidies for eligible seniors older than 62. The 12 remaining units are designated as affordable housing units for seniors ages 55 and older. Both of the properties, scheduled for completion during the second half of 2014, will have LEED certifications.

Broadwood Terrace will have 88 one- and two-bedroom units in a five-story building, at 5001-5025 South Main Street in South Los Angeles. The second project, the Las Alturas housing complex, will be located in the Boyle Heights neighborhood at 3545 East Whittier Boulevard. The five-story, 77-unit building will offer one-bedroom floorplans in the proximity of local transportation and a number of resident amenities.

Retirement Housing Foundation has been collaborating with U.S. Bank on its affordable senior residential projects for the past ten years. During this timeframe, U.S. Bank has reinforced the partnership by providing help with development financing, as well as a total of $160,000 which is part of the financial giant’s initiative to reinforce the working relationship between the parties, and support RHF’s ongoing projects.

Renderings courtesy of rhf.org

West Angeles Community Development Corporation Debuts New Community-Helping Project

By Alex Girda, Associate Editor

A brand new development was recently unveiled in the Crenshaw Corridor, bringing the spotlight to an area of the city that has been in serious need of a makeover. The $8.5 million investment was handled by the West Angeles Community Development Corporation and Union Bank and is located at 3501 Jefferson Boulevard.

The West Angeles Plaza development includes 15,000 square feet of grocery space, a 4,500 square-foot Union Bank, as well as 5,000 square feet of retail, commercial and community space. The development is paramount for the Crenshaw Corridor, and the West Angeles Community Development Corporation had an important role in the financing project, attracting $2 million from the federal American Recovery and Reinvestment Act, CIM Group and other sources.

The project was supported by a number of local authorities and according to Los Angeles City Council President, Herb Wesson, “the development is also an economic shot in the arm bringing as many as 150 construction-related jobs, 50 grocer-related jobs, 25 bank jobs, and possibly as many as 30 office jobs in addition to attracting additional small businesses.” The project is reportedly relevant to local policies and its success is driving the empowerment given to community economic development.

The West Angeles Community Development Corporation was created in 1994 as an outreach program of West Angeles Church of God in Christ. At the time, with a 15,000-strong congregation, the church created the CDC to expand its operation in an attempt to fight the rising poverty in L.A.’s Crenshaw District.

Rendering courtesy of cimgroup.com

Vandenberg Air Force Base Military Housing Ends Six-Year Makeover Process

By Alex Girda, Associate Editor

The housing component at Vandenberg Air Force Base has received a major boost as the initial development period finally comes to an end. A partnership between Balfour Beatty Communiites LLC and Hensel Phelps Construction Company handled the renovation and construction of new military housing units at the base. The total investment made during the six-year interval now stands at around $158 million. Balfour Beatty Communities currently deals with a range of residential projects including multifamily, military and student housing. With the initial development period now over, the developer and property manager has increased the number of units it handles at the Vandenberg AFB to almost 1,000.

Started back in 2007, the development process has seen the partnership build around 160 brand-new homes, while 500 outdated housing units had to be taken down. A further 700 homes underwent extensive renovation operations at the Air Force Base. Also part of the lengthy development process was the construction of a new community center offering residents 6,200 square feet of common space. A pool as well as a number of multi-purpose rooms are included in the new amenity package which features parks, athletic facilities, bus shelters, perimeter fencing, and substantially improved infrastructure. The community will feature a new 2,400 square-foot maintenance facility.

Vandenberg AFB’s new residential component was built with energy efficiency in mind and to achieve that, most of the materials obtained through the renovation and demolition processes were reused to as great an extent as possible. New materials were locally sourced, local contractors were used meaning that around 80 percent of the investment went into the local community, while the construction process itself was carried out with the use of low voltage lighting, tankless hot water systems, Energy Star appliances, high efficiency furnaces, low-flow plumbing fixtures and low-VOC construction materials. Water conservation was also a priority as well as the use of native plants for the landscaping.

Image courtesy of vandenbergfamilyhousing.com

Upscale Gated Community in Century City Set to Expand After Land Deal

By Alex Girda, Associate Editor

L.A.’s residential market seems to be picking up where it left off as reports indicate that even the slowest neighborhoods of the city’s metropolitan area are now recording improvements in the residential sector. In fact, an affiliate of California Landmark Group has recently acquired a 70,000 square-foot, undeveloped site in Century City. The plan is to get a small, upscale residential community built here, one that will complement the existing Century Woods community. The land and developing rights for the lot cost the investor $13 million.

Located at the corner of Century Park West and Solar Way, the site will house ten 5,000-square-foot homes that will form The Enclave at Century Woods. The development process is set to be fast tracked and construction should begin during the next few months, with completion tentatively set for the end of next year. Along with purchasing the land from a neighboring homeowner association, CLG also acquired JMB Realty Corporation’s option to build homes there.

The development plan will also include a perimeter wall that will enclose the new high-end gated community into the existing Century Woods residential complex. The homes will be oriented towards a central common courtyard, while lush landscaping will form a transition area from the street and nearby buildings. The new homes will benefit from the same amenity package currently available to the residents of Century Woods including: secure entry, tennis court, indoor and outdoor pools, a fitness center and a clubhouse. CLG also handled the construction of the last four homes to be added to the community, back in 2002.

New Development in City’s Arts District Set to Reopen Market for Condo Homes

By Alex Girda, Associate Editor

The final construction phase on one of L.A.’s most interesting redevelopment projects has started. The development team of Blackstone and CityView recently announced that they have broken ground on the last stage of construction at their Barker Block residential community. Working in association with The Kor Group, the developers are now set to convert an old warehouse space into a loft and townhome component for this project in the city’s Arts District. When work is completed at the site, the total investment will clock in at around $150 million.

The Barker Block condo development will become the first new for-sale development in the city for quite some time and will offer 309 residential units to potential buyers in the Arts District. The final phase will include the construction of 68 units for an investment of around $25 million. With the backing of Los Angeles Mayor Antonio Villaraigosa, the community will be added to the city official’s Clean Tech Lab initiative for the surrounding district.

The condo development has taken shape in a number of repurposed buildings whose architectural elements have been preserved. Many materials from these original structures have been repurposed and used in the new construction process. The loft units and townhomes will have a number of green design features such as water-efficient landscaping, Energy Star appliances and energy-efficient homes that will include insulated dual-pane windows.

Developer Blackstone is eager to finish the final phase which will create around 100 construction jobs for the community and has voiced excitement regarding its partnership with CityView and the city’s local authorities through Jon Gray, the company’s head of real estate. “Blackstone’s investment demonstrates the impact that private capital can have on revitalizing America’s urban neighborhoods.” Gray also said that contributing to the local economy is a point of pride for the organization.