Six-year-old plans to build a mixed-use project next to the Rio Hondo channel in Commerce have secured new financing, reports Commercial Observer.

Comstock Realty Partners recently obtained a $50-million loan for the Modelo project, which calls for rebuilding and relocating a portion of Commerce's Veterans Memorial Park. The project, as approved in 2022, calls for the construction of 850 homes - including 740 apartments, 45 condominiums, and 65 townhomes - accompanied by more than 160,000 square feet of commercial space.

Mixed-use area at ModeloTighe Architecture

Commercial Observer reports that the new funding will be used for remediation of the park site. Comstock is also set to begin construction of the new townhomes.

Lionheart Strategic Management, LLC an affiliate of Fisher Brothers, arranged the financing, which came from Schroders Capital.

Park at ModeloTighe Architecture

According to a project description from the Comstock website, the Modelo development is also to include parking for more than 2,200 vehicles and a 65,000-square-foot community center.

Revised renderings of the project show one notable difference from what was approved in 2022 - earlier plans for a 15-story residential tower are nowhere to be seen. Tighe Architecture remains the architect for the project.

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