Five-year old plans for a new affordable housing complex just south of MacArthur Park can finally move forward, thanks to funding approved this week by the Los Angeles City Council.
On September 19, the City Council approved the release up approximately $53 million in bond financing to developer Abode Communities for its Grandview Apartments, which would rise from a property at 714-760 S. Grand View Street. Plans call for razing 18 existing duplexes, clearing the way for a new six-story building featuring 100 studio, one-, and two-bedroom apartments above parking for 25 vehicles.
The new funding includes just over $41 million in tax-exempt bonds and up to $12 million in taxable bonds. An August 2023 staff report from the Housing Department points to a more than $84 million budget for the project, or roughly $840,000 per unit. The staff report blames several factors for the project's high overall cost, most notably increased construction costs relative to when the project began the entitlement process in 2018. Additional factors included accrued interest due to delays in the approval and environmental review processes, and required payments for tenant relocation.
The apartments at Grandview are to cater to low- and extremely low-income levels, with roughly half designated as permanent supportive housing.
Abode is also the architect for the proposed development, which is depicted in a rendering as a contemporary podium-type building. Besides housing, plans call for two courtyards and two roof decks.
Other ongoing projects for Abode include the Manchester Urban Homes, a 122-unit affordable housing complex which recently began construction in South Los Angeles.
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- 714-760 S. Grand View Avenue (Urbanize LA)