The new financing, announced earlier this month by Pasadena-based CIT Bank, N.A., will go towards the third phase of the Jordan Downs redevelopment: a 92-unit apartment complex. Plans call for a mix of one-, two-, three-, and four-bedroom apartments catering to households earning between 30 and 80 percent of the area median income. Additionally, 17 of the apartments are to be reserved for residents with physical disabilities and hearing or visual impairments.
A rendering depicts the proposed building as a contemporary six-story structure with cantilevered balconies on exterior-facing apartments.
Completion of the apartment building is anticipated in early 2022.
CIT announced its intention to make additional investments in Watts later in the year, including potentially opening a new bank branch in the neighborhood.
The Jordan Downs housing complex, which flanks Century Boulevard between Grape and Alameda Streets, is being redevelopment through a 10-year master plan. A full buildout of the plan will expand the number of homes Jordan Downs from 700 prior to redevelopment to 1,400 upon completion, while also adding community-serving retail to the property.
Construction is now wrapping up for the second phase of the development, consisting of 135 income-restricted apartments.
- Jordan Downs (Urbanize LA)