Developer McCormack Baron Salazar has announced the groundbreaking of Parque Vista, a new affordable housing development at the Taylor Yard Transit Village in Glassell Park.
The project - which is being developed in partnership with landowner Metro, the City of Los Angeles, and New Economics for Women - will consist of 42 two- and three-bedroom apartments, priced for large families earning between 30 and 60 percent of the area median income.
“The renaissance of Taylor Yard and this part of the Los Angeles River area is a wonderful example of cities and neighborhoods changing for the better,” said McCormack Baron Salazar Managing Director Dan Falcon in a prepared statement. “Parque Vista is everything a neighborhood should be – it’s walkable, safe, and close to transportation. It’s also mixed-income and multi-generational, so it’s inclusive for a variety of income levels and ages.”
The apartments will be located in five new three-story structures, similar in scale and style to other buildings already completed at the Taylor Yard. In addition to housing, the project will include parking for 64 vehicles and residential amenities such as a community room.
The $25-million development is being funded through public and private sources, including Bank of America, the California Community Reinvestment Corporation, and the City of Los Angeles.
The L.A. Business Journal first reported Parque Vista's groundbreaking.
The $180-million Taylor Yard master plan already includes 240 affordable rental apartments, in addition to market-rate for-sale housing and public park space. McCormack Baron Salazar is also seeking to develop an additional parcel with up to 56 income-restricted apartments.
The Taylor Yard - formerly a sprawling Southern Pacific Railroad facility - has been gradually redeveloped with a mix of housing, open space, and other community uses. Various local and state agencies are attempting to convert portions of the former rail yard into park space as part of the longtime effort to restore the Los Angeles River. Construction is currently underway for a new pedestrian bridge which will connect the site to the Frogtown neighborhood on the river's western bank.