The Los Angeles City Council approved fresh funds totalling more than $60 million for the construction of three affordable housing complexes which are Voltaire Villas, Montecito and Oak Apartments, in Hollywood, Koreatown, and Westlake.
The Montecito apartments are developed by Thomas Safran & Associates, a multifamily housing developer based in the Brentwood neighbourhood of Los Angeles, at 6650 W. Franklin Avenue in Hollywood.
It is a six-story structure with a total of 64 senior affordable housing units, as well as a 57-car underground parking garage and amenities. All of the studio units will be designated for seniors aged 62 and older who earn between 50% and 60% of the area’s median income. The project is being designed by Withee Malcolm Architects, and it will be comparable in colour and texture to its historic neighbour, the almost 90-year-old Montecito apartments.
According to a Housing Department staff analysis provided in April, the Montecito II is eligible for up to $19 million in tax-exempt bonds, for a total cost of around $41.3 million. The usage of prevailing wage labour and numerous mitigating measures owing to the project’s location account for the $645,00 per unit cost.
Voltaire Villas
The Voltaire Villas are part of the developer Flexible PSH Solutions, Inc.’s Enlightenment Plaza development near the Vermont/Beverly Metro stop. The City Council has approved up to $19 million in tax-exempt bonds for the project, which will have 72 studio, one-, and two-bedroom apartments, as well as supportive services and resident amenities on-site.
The bonds will contribute to the project’s overall budget of US$ 35.8M, translating to a per-unit cost of little over $497,000 – comparatively inexpensive when compared to other supportive housing initiatives in the City of Los Angeles. KFA Architecture‘s Enlightenment Plaza will eventually house 454 apartments in a succession of eight-story towers structured around a central green area.
The third project is Affordable Housing CDC’s Oak Apartments, located at 2745-2759 W. Francis Avenue in Westlake and would also feature 64 low-income senior housing. The project will comprise a mix of studio and one-bedroom units, all of which will function as permanent supportive housing, according to a Housing Department staff report.
Also Read: SagePointe Permanent Supportive Housing Project in Los Angeles, Breaks Grounds
The five-story skyscraper is anticipated to cost almost $40.8 million to complete, with the City Council authorizing $19.5 million in tax-exempt financing. The whole cost comes to roughly $637,500 per unit.
