CURRENT REDEVELOPMENT PROJECTS
Description: In March 2010, the Agency Board of Directors approved the Owner Participation Agreement with Regency Towers Senior Housing, L.P., a limited partnership entity comprised of Thomas Safran & Associates, providing for the acquisition and rehabilitation of the 104-unit Regency Towers senior housing project located at 151 North Locust Street, located one block east of downtown Inglewood. The Developer completed an extensive rehabilitation and enhancement of the building including improvements to the common area, a new security fencing and access control system, extensive exterior landscaping including a barbeque grill, gas fire pit, waterfall and a garden area for the residents. The Developer also completed an extensive renovation to the building including a new 20-year roof; fire sprinkler system, new windows and doors in all units, elevator modernization, and a security camera system. The $21.9 million project was funded through both private and public resources including $5.59 million in housing set-aside funds and $14 million in tax-exempt bonds and tax credit equity. The project is a great example of Public/Private Joint Ventures that leverage the strengths of both industries in order to benefit our senior citizens and continue to sustain the stock of affordable housing in the City of Inglewood. The developer completed the rehabilitation of the project in December 2010. A grand-reopening ceremony is scheduled for November 2011.
Area: In-Town Redevelopment Project Area
Description: The Developer, Chandler Partners, purchased the 3.3-acre subject site at 527 West Regent Street and received planning approval for the development of a 145-unit condominium project as a private for-sale condominium development. However, due to the existing economic conditions, the Developer was unable to secure the required financing to move the project forward as a for-sale product. In early 2011, the Developer began meeting with city leaders and Agency staff to discuss their proposal for the development of affordable housing units at the site and in June 2011, the Agency entered into an Owner Participation Agreement with the developer for the development of 145 low to moderate income units, targeting household at or below 60% the area median income. The developers of Regent Square have included many of the same amenities as previously incorporated in the original for-sale condominium concept. The development will provide a community meeting room, an after-school learning center/study hall, a computer lab center, a childcare facility, a tot play lot, a pool and Jacuzzi in a landscaped courtyard, and a library. The Developer has partnered with a non-profit entity to provide tutoring services and after school educational classes for the residents. The $42 million project was funded through both private and public resources including $13.9 million in housing set-aside funds, $4 million in HOME funds and $20 million in tax-exempt bonds and tax credit equity. The groundbreaking ceremony held in October 2011, represents the culmination of many years of effort by the City, the Developer and the community to bring about the successful redevelopment of an underutilized lot as new affordable housing. Construction anticipated completion is February 2013.
Westside Phase II
Description: On June 27, 2007, the Agency approved entering into an Owner Participation Agreement (OPA), with Cloudbreak Inglewood, LLC to develop the second Phase of an existing affordable housing development for veterans at 733 South Hindry Avenue. The development is being constructed on a 35,343 square-foot site presently owned by Cloudbreak Inglewood, LLC. The proposed expansion augments the existing 315 units (Westside Residence Hall) by an additional 196 units. The proposed development consists of 180 newly constructed efficiency units with 376 square feet of living space. Each containing living quarters consisting of one full bathroom and a kitchenette comprised of a sink, small refrigerator, cabinets and counter space. The remaining 48 units will be Single Room Occupancy units containing approximately 230 square feet of living space. In addition to the new residential structure, the developer is constructing a four-story parking structure to provide sufficient parking for both the existing facility and the older facility. The $35 million project was funded through both private and public resources including $7.4 million in housing set-aside funds, $7.5 million in infrastructure grant funds and $20 million in tax credit equity. The groundbreaking ceremony was held in July 2010. Construction anticipated completion is the fourth quarter of 2011.
Area: La-Cienega Redevelopment Project Area
PATH Villas Osage Apartments
Description: The PATH Villas Osage Apartments by PATH Ventures consists of 20 units of affordable housing at 812 South Osage Avenue. The developer broke ground in April 2010 and the project was completed in May 2011. The development consists of 20 low to moderate income units targeting households whose incomes are at or below 60% the area median income. The project including eight (8) one-bedroom units, six (6) two-bedroom units and six (6) three-bedroom units. The project was funded through both public and private resources including $5.1 million in housing set-aside funds and $3.7 million in tax credit equity.
Area: Manchester-Prairie Redevelopment Project Area
Locust Street Senior Center
Category: Public Services/Facilities
Description: The new senior center, located at 151 North Locust Street, as designed, consists of a 33,357 square-foot, two-story senior center with a 5,300 square-foot multi-purpose auditorium and dining hall, a 4,100 square foot high-tech central kitchen to serve both the dining hall and homebound seniors of the community, various smaller activity rooms including a billiard room, computer room, game room, community services offices and a care management facility; all to serve the citizens of Inglewood in a welcoming and nurturing environment. A three-level subterranean parking area, consisting of 164 spaces, will be located directly below the ground floor senior center with convenient elevator access provided to the senior center.
Area: In-Town Redevelopment Project Area