An parking lot across the street from the Hollywood/Western subway station is set for redevelopment with senior affordable housing, commercial real estate finance firm Greystone announced in late July.
America First Multifamily Investors, L.P., an affiliated of Greystone, has purchased $72 million in tax-exempt and taxable mortgage revenue bonds to facilitate the acquisition of a half-acre property at 1657 N. Western Avenue. A 200-unit residential building catering to low-income seniors named Residency at the Entrepreneur is planned for the property.
The project, depicted as a contemporary nine-story building in a rendering, would include a business center, a clubhouse, a fitness center, a laundry facility, a computer room, and office space.
Plans call for apartments catering to seniors earning between 30 and 80 percent of the area median income level. Additionally, 99 of the units will be master leased by The People Concern, which caters to seniors, residents at risk of homelessness, and low-income families.
Other members of the project team include administrative general partner is ABS Properties, Inc. and the non-profit organization Kingdom Development, Inc. The tax credit investor for the development is Columbia Pacific Advisors.
ABS Properties, the administrative general partner, is also working with Greystone on an under-construction adaptive reuse project which will transform the neighboring Hollywood-Western Building into senior affordable housing. Additionally, ABS recently filed plans with the City of Los Angeles to redevelop a site near the 101 Freeway with a 26-story apartment tower which would also cater to low-income seniors.
The company has on multiple occasions pitched plans to redevelop the site on Western Avenue, filing an application to build a mixed-use structure with 95 apartments and retail space on the site in 2020.
- Hollywood (Urbanize LA)