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Development Updates in Los Angeles:
Los Angeles has long been considered a top market for real estate investors and homeowners, yet the city tops the charts as one of the nation’s least affordable housing markets. Developers are taking advantage of the demand for affordable and market-rate housing this year with exciting new projects in LA, West Hollywood, and Coachella. Here are the updates.
Prop HHH Supportive Housing Development in LA
Los Angeles-based affordable housing and community developer Abode Communities is constructing a supportive housing development named Beacons Landing. When all’s said and done, the project will include 88 studio units, saving half of the units for individuals experiencing homelessness and the other half for those experiencing chronic homelessness. Beacons Landing will also offer 68 long-term, secured bike spaces, parking, property management offices, resident services offices, and community space. It will cost approximately $45 million to construct and has an updated expected completion date of December 2023.
New Apartment Building Coming to West Hollywood
Real estate firm, CIM Group, plans to construct West Hollywood’s tallest apartment building on a site currently home to a 60-year-old Cemex Hollywood Concrete plant. The tower will stand 34 stories tall and include 514 units, reserving approximately one-quarter of the units for affordable housing.
Affordable Community Under Construction in Coachella
Affordable housing and community developer Abode Communities is also developing a community that’ll provide affordable housing to low-income, farmworker families in the City of Coachella. Named Villa Verde, the community will include 152 multi-family, income-restricted units. One-, two-, and three-bedroom units will be available to residents in wood-framed Type V construction buildings standing 29 stories high. The community will also offer recreational and communal space and facilities such as laundry rooms, resident services offices, and more.
Tag(s): California Digest
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