In North Hills, Meta Housing Corp. has broken ground on the initial phase of a project which will result in one of the largest affordable housing complexes in the City of Los Angeles.
The project, called Mission Gateway, is now taking shape on a 4.35-acre property at 8811 N. Sepulveda Boulevard. Plans call for a series of five-story structures featuring 356 units of subsidized affordable housing.
Togawa Smith Martin is designing the approximately 525,000-square-foot development, which is called Mission Gateway. Renderings depict a series of contemporary podium-type buildings, which would incorporate courtyards, event space, and other recreation areas for use by residents.
Construction of the roughly $138-million housing complex is being funded in large part by tax-exempt loans and federal tax credits. The anticipated price tag for Mission Gateway translates to a roughly $387,000 per-unit cost.
The completed development is expected to offer a mix of studio, one-, two-, three-, and four-bedroom apartments, reserved for households earning between 30 and 60 percent of the area median income. Proposed rents would range from $514 to $1,834 per month.
Per an application for tax credit financing, completion of construction is expected in mid-2022, and full occupancy is anticipated by early 2023.
The project site, located at the southwest corner of Sepulveda and Rayen Street, was originally entitled in 2017 by a different developer seeking to build a similar 364-unit market-rate apartment complex. However, rising construction costs led ultimately prevented that development from moving forward, leading to a sale of the property to Meta Housing Corp. earlier this year for $14 million.
Meta, which is one of Los Angeles County's most prolific developers of subsidized affordable housing, is in construction or pre-development at a slew of other projects - including sites located in Glendale, Downtown, East Los Angeles, Baldwin Hills, and Canoga Park.
- 8811 N Sepulveda Boulevard (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr