The Michaels Organization, a residential real estate firm, has secured financing to build the third phase of Jordan Downs redevelopment in California, US.
Located in the Watts neighbourhood of Los Angeles, the project is being developed by the Housing Authority of the City of Los Angeles along with Michaels and BRIDGE Housing, the company’s private sector partners.
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The $58m Phase S3 will feature 92 new apartments, which will be affordable for the households whose earning is between 30% and 80% of the Area’s Median Income (AMI).
The apartments will be provided in a variety of floor plans comprising one-, two-, three- and four-bedrooms and will also feature energy-efficient appliances.
The building, which will be designed to meet LEED Gold certification standard, will also have solar photovoltaic (PV) panels to provide central hot water heating for the project.
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The funding for the Phase S3 is provided by the Housing Authority of the City of Los Angeles and the permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, are among others.
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By GlobalDataUpon completion, the overall project will include 1,400 residential units for new and existing residents, a community centre, park space, and about 250,000ft² of retail and commercial space.
The project will also include nine acres of green space and the extension of Century Boulevard.
For the project, Walton Construction is acting as the general contractor, FSY Architects as the design lead and architect of record; Partner Energy is serving as the sustainability lead; and Breen Engineering as lead engineer for civil and off-site improvements.
Construction on the project will be completed in about 21 months. Upon completion, Michaels Management will act as the property manager.
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The latest phase will offer 92 modern, sustainable apartments in a variety of floor plans. (Credit: FSY Architects/PR Newswire.)
