Related companies and the nonprofit Weingart Center have received $30 million in state-backed bonds to help them build a planned transitional housing complex near the slums.
The Los Angeles City Council reportedly voted to allow the California Department of Municipal Finance to issue the bonds, which will fund construction at 600 South San Pedro Street urbanization of los angeles.
The council has approved construction of the 18-story tower, which will include 298 affordable units (designed for tenants meeting very low, very low and low income thresholds) and four executive apartments.
The developer plans to build 10,200 square feet of commercial space and on-site support services on the ground floor.
CMFA is a combined authority that can issue tax-exempt bonds for the development of affordable multifamily and senior housing and other public benefit projects.
Further south, at 1405 South Broadway, Related is working with Weingart on a 335-unit affordable housing complex.
According to its website, the company owns and manages more than 19,500 affordable and workforce housing units across the state under its associated California affiliate. Workforce housing is for those designated as moderate-income tenants.
In the Bay Area, the company is working with nonprofit developer East Bay Asian Local Development Corporation on plans to build a 300-unit affordable housing complex in Oakland. It is still under development 1,000 housing development Located in Santa Clara near Levi’s Stadium, home of the NFL’s San Francisco 49ers. In addition, there is a larger project called “Related Santa Clara,” which has 1,650 homes, 6 million square feet of offices, a 700-room hotel and 240 acres of retail.
— Isabella Farr
