Jonathan Rose Cos. (JRCo) has acquired land and secured key financing to build a 137-unit affordable housing development in Los Angeles’ Westlake neighborhood. The project will be the company’s first ground-up development on the West Coast.
1999 W. 3rd St. was conceived by the New York-based firm and Wakeland Housing and Development Corp., a longtime affordable housing organization headquartered in San Diego.
Officials said the financing, including construction financing and the construction contract, is set, and construction can begin on the development.
The approximately $74 million development is utilizing 4% federal and state low-income housing tax credit equity from Bank of America, which is also providing permanent financing. In addition, tax-exempt and taxable bonds were issued by the California Statewide Communities Development Authority.
“Like much of the nation, Los Angeles continues to face a serious housing crisis, and building new high-quality, affordable housing is key to the solution,” said Jonathan Rose, founder and president of JRCo. “As a community of opportunity development, 1999 W. 3rd St. will be more than just a place to live but a place to flourish, with resources that support residents’ economic security and mobility. We thank Wakeland Housing and Development Corp. for being a steadfast community partner and look forward to working with them as we see this exciting development break ground.”
The development, which will serve individuals earning between 30% and 80% of the area median income, will feature best-in-class design, resident services, and community resources in a vibrant, transit-rich neighborhood. The design team consists of local women-owned businesses, including Brooks + Scarpa Architects, Tina Chee Landscape Studio, and Argento / Graham, to design an all-electric, LEED Gold, 100,000-square-foot community, with over 10,000 square feet of open space, fitness and yoga rooms, and community lounges and workspaces. The project design is focused on energizing the streetscape through striking modern architectural design and landscaping featuring plants native to Southern California.
“As our first ground-up development on the West Coast, 1999 W. 3rd St. will provide much-needed affordable housing for this community,” said Yusef Freeman, senior managing director of acquisitions and development for California at JRCo. “Together with green, sustainable design as well as designated areas and resources for residents to engage with, 1999 W. 3rd St embodies our holistic approach to development as a community-building exercise.”
Benchmark Contractors, a subsidiary of Morley Builders, will serve as the general contractors on the project, and JRCo’s management arm, Rose Community Management, will serve as the property manager.