At its meeting yesterday, the Los Angeles City Council voted unanimously to approve more than $116 million in funding for new affordable and supportive housing developments in Downtown, East Hollywood, Pico-Union, and Westlake.
Among the projects to secure funding are two proposed by San Diego-based real estate firm Wakeland Housing & Development Corporation.
The first, called "The Quincy," would rise at 2652-2662 Pico Boulevard in Pico-Union. Plans call for razing two existing commercial buildings, clearing the way for a new four-story edifice featuring 54 apartments - including 53 permanent supportive housing units reserved for households earning no more than 50 percent of the area median income level.
The approved funding for The Quincy includes $16.8 million in tax-exempt bonds - roughly half of the total $33.6-million estimated budget. The per-unit cost for the project, which is just north of $623,000, is attributed to environmental mitigation measures, the infill development site, and the use of Type V-A construction.
Wakeland's second project to receive funding, called The Wilcox, is planned at 4904 Santa Monica boulevard in East Hollywood. The proposed project would consist of a four-story edifice featuring 62 apartments reserved for unhoused seniors.
Funding approved by the City Council includes more than $20 million in tax-exempt bonds and $12.7 million in tax-exempt bonds, contributing to a total estimated cost of approximately $40.1 million. The per-unit price tag of $647,000 has been attributed to a variety of factors, including a costly infill site, environmental mitigation measures, and a shortage of construction labor.
The project, designed by The Architects Collective, will consist of a five-story edifice featuring 78 one-, two-, and three-bedroom apartments - including 77 units of affordable and permanent supportive housing.
The total cost of the apartment complex, estimated at more than $52 million (more than $670,000 per residential units), is inflated in part due to factors including design requirements due to the neighboring Westlake Theatre, the provision of transit passes to residents, furnishing, and sustainability features. Without those project elements, a Housing Department staff report estimates that the per-unit cost would decrease to approximately $639,000.
In Downtown, the Council also approved the release of $28 million in tax-exempt bonds for the Coalition for Responsible Community Development's planned adaptive reuse of a series of building at 803 E. 5th Street. The project, designed by QDG Architecture, would transform three buildings into 94 apartments - reserved for rent by households earning no more than 50 percent of the area median income.
A Housing Department staff report estimates that the completed project will cost approximately $58 million - or roughly $619,000 per residential unit. That cost is attributed to an agreement to employ prevailing wage labor during construction, as well as seismic retrofit requirements for the buildings.