Across the street from the Hollywood/Western subway station, a new senior affordable housing complex is ready to rise following the issuance of construction permits by the L.A. Department of Building and Safety.
The project site, a surface parking lot at 1657 N. Western Avenue, is now approved for the construction of a nine-story building which would feature 200 apartments for low-income seniors on its upper floors.
America First Multifamily Investors, L.P., an affiliate of commercial real estate finance firm Greystone, announced last year that it had purchased $72 million in tax-exempt and taxable mortgage revenue bonds to facilitate the acquisition of a half-acre property. It will use those funds to build 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.
Architect Edwin Mohabir is designing the project, called Residency at the Entrepreneur, which is depicted in a rendering as a contemporary nine-story building. The mid-rise structure, in addition to housing, would include a business center, a clubhouse, a fitness center, a laundry facility, a computer room, and office space.
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 is converting the adjacent Hollywood-Western Building into senior affordable housing. ABS has also filed plans with the City of Los Angeles to redevelop a site near the 101 Freeway with a 26-story apartment tower which would 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.
Follow us on social media:
- 1657 S Western Avenue (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
California's 2022 state income limits