In a consent calendar vote yesterda, the Los Angeles City Council authorized the issuance of nearly $139 million in bonds to finance the construction of affordable and permanent supportive housing developments in Downtown and Westlake.
In Downtown, a partnership between Chelsea Investment Corporation and Weingart Center is slated to receive roughly $118 million in tax-exempt and taxable bonds for the construction of a new supportive housing complex near the intersection of 6th and San Pedro Streets.
The project, will rise immediately north of the Weingart's headquarters at 554 San Pedro, calls for the construction of a 19-story tower containing 228 apartments, as well on-site supportive services, a ground-floor cafeteria, and administrative offices. Parking for 15 vehicles will be located in a single basement level.
According to a staff report, the new housing will be restricted to formerly homeless residents earning between 30 and 50 percent of the Los Angeles area median income.
The total cost of the tower is estimated at roughly $164 million, with a per-unit cost ranging from $585,000 to $602,000 per unit. The staff report cites high land value, the use of Type I construction, the inclusion of subterranean parking, and a project labor agreement among other factors contributing to the relatively high per-unit cost of the tower. Without extenuating factors, staff estimates that the price tag per apartment would range from $460,000 to $514,000.
The new tower is one of three high-rise buildings Weingart Center has in the works near its Downtown headquarters, and could set the stage for additional developments in South Los Angeles and on the Westside.
The second project, The Lake House apartments from Community Development Partners, will receive up to $20.1 million in tax-exempt bonds following the vote by the City Council.
The proposed five-story structure, slated to replace two smaller buildings at 437 S. Westlake Avenue, will include 63 studio and one-bedroom apartments priced for households earning 30 percent or less than the area median income.
Architecture Design Collaborative is designing the project, which will also include a shared courtyard, a landscaped rooftop deck, and a six-car garage.
Lake House, which has an estimated price tag of $37 million (roughly $590,000 per unit), is also funded in part by Measure HHH and Los Angeles County's No Place Like Home program.
Construction is slated to begin this year for both the Weingart Center and Community Development Partners projects.
Looking for affordable housing? Visit lahousing.lacity.org/aahr