The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 12, 2019
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
Senior Housing Development Planned for Los Angeles’ Koreatown Neighborhood

4/12/19

Meta Housing Corporation and Western Community Housing have formed a joint venture to develop Vermont Corridor Apartments, a six-story, transit-oriented senior and permanent supportive housing multifamily community in Los Angeles’ Koreatown neighborhood. The project is located at 433 S. Vermont Ave, a couple of blocks north of Wilshire Blvd.

The $51.4 mil project will provide affordable housing for seniors aged 62+ earning between 25 and 60 percent of area median income. Of the 72 units to be built at the property, 36 will include supportive services funded through the County of Los Angeles' voter-approved Measure H, and subsidized rents for residents experiencing varying levels of homelessness. These units were constructed with funding from voter-approved Proposition HHH from the City of Los Angeles and a partnership with the Housing Authority of the City of Los Angeles (HACLA), the Los Angeles Housing and Community Investment Department (HCID) and the County of Los Angeles.

Vermont Corridor Apartments will also include a 12.5k sf community center on the ground-floor dedicated to the YMCA that will provide community services through its local partnerships and service offerings. The new development is a reuse of an underutilized County property that will provide a quality and safe environment for residents at an affordable cost while reducing blight in the area. The development will also generate an estimated 321 construction jobs and seven permanent jobs.

“Our partnership with the YMCA provides a cultural center that will serve as a gathering place for the surrounding neighborhood,” explains Aaron Mandel, Executive Vice President of Meta Housing. “By offering these services, we are encouraging interaction and well-being among our future residents and their neighbors.”

“The Vermont Corridor Apartments project is a promise fulfilled,” says City of Los Angeles Supervisor Mark Ridley-Thomas. “For Koreatown residents, it provides not only affordable homes to seniors who need it most, but also a long-awaited community center with a wellness center to be operated by the YMCA. Working with Meta Housing and Western Community Housing, as well as the City of Los Angeles and other partners, we have repurposed an aging Los Angeles County facility and transformed it into a beautiful new asset for the community. That’s public-private partnership at its best.”

Vermont Corridor Apartments will feature one- and two-bedroom floorplans for residents and a two-bedroom manager’s apartment. The development will offer generous common spaces including open-space courtyards to encourage interaction among residents. The project is expected to be completed in March 2021.

The 113k sf apartment community will be constructed to LEED Gold standards and is located three blocks from the Metro Purple Line’s Wilshire/Vermont station with many other amenities including a grocery store, a pharmacy and medical clinic, public schools, stores and restaurants, and a library in close proximity. The development is also less than a quarter mile from Shatto Recreation Center, which comprises sports fields, facilities for community events.

Meta Housing Corporation and Western Community Housing will serve as co-developers and general partners on the project. Western Community Housing will also coordinate resident services, while The People Concern will coordinate supportive services. Westport Construction Inc will serve as the general contractor, with Y&M Architects as architect. AMJ Construction Management will handle construction management, and The John Stewart Company will manage the property.





Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media