The parking lot across from the Hollywood/Western subway station is set for redevelopment with affordable housing for seniors. Commercial real estate finance company Greystone announced in late July.
America First Multifamily Investors, LP, an affiliate of Greystone, purchased a $72 million tax-exempt and taxable mortgage income bond to facilitate its acquisition of a 0.5 acre property at 1657 N. Western Avenue . A 200-unit residential building for low-income seniors named Residency at the Entrepreneur is planned for the property.
Depicted in renderings as a contemporary nine-story building, the project includes a business center, clubhouse, fitness center, laundry facility, computer room and office space.
Planning an apartment for the elderly 30% and 80% of the regional average income levelIn addition, 99 of the units will be master leased by People Concern, which caters to seniors, residents at risk of homelessness, and low-income households.
Other members of the project team include the Managing General Partner ABS Properties Co., Ltd. and non-profit organizations Kingdom Development Co., Ltd. The tax credit investor in this development is Columbia Pacific Advisors.
Administrative General Partner ABS Property is also working with Greystone on an adaptive reuse project under construction. Transforming the nearby Hollywood Western Building into affordable senior housingAdditionally, ABS recently submitted a plan to the City of Los Angeles to redevelop a site near the 101 freeway. A 26-story high-rise condominium that caters to low-income senior citizens.
The company has repeatedly touted plans to redevelop the site on Western Avenue. Submit an application to build a mixed-use building with 95 apartments and retail space on site in 2020.