Wednesday, April 10, 2019

Meta Housing Breaks Ground on 72-Unit Transit-Oriented Affordable Multifamily Development in Los Angeles, CA


Monique King-Viehland
Los Angeles, CA – Meta Housing Corporation, a Los Angeles-based developer, in a joint venture partnership with Western Community Housing, a Southern California-based non-profit public benefit corporation, has announced the development of Vermont Corridor Apartments, a six-story, transit-oriented senior and permanent supportive housing multifamily community in the Koreatown neighborhood of Los Angeles, California.

Vermont Corridor Apartmnts, 433 S. Vermont Avenue,
Koreatown submarket, Los Angeles, CA

The $51.4 million project will provide affordable housing for seniors aged 62+ earning between 25 and 60 percent of area median income.

Monique King-Viehland, Executive Director of the Community Development Commission/Housing Authority of the County of Los Angeles, comments:

“We look forward to the future of the Vermont Corridor Apartments and its position in the community – a hub that will provide affordable homes for seniors and special needs residents.

"The addition of the YMCA on the first floor will help to enhance the neighborhood through their commitment to meeting community needs through a strong range of programs.”

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.

Kasey M. Burke
 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.

Vermont Corridor Apartments will be located at 433 S. Vermont Avenue in Los Angeles, California. The project is expected to be completed in March 2021. 

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. 

Aaron Mandel
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.

“Affordable senior housing is extremely difficult to find in Los Angeles,” says Kasey Burke, President of Meta Housing. “Los Angeles needs more affordable alternatives for older residents, and we are delivering that alternative in this project. 

"This is a great example of public private partnership working together to improve the community and the lives of our future residents.”

In addition, Vermont Corridor Apartments will include a 12,500 square foot community center on the ground-floor dedicated to the YMCA that will provide community services through its local partnerships and service offerings.

Mark Ridley-Thomas
  “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.”

Mandel notes that 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.


“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, according to Mandel.


CONTACTS:

Micaela Fehrenbach / Lexi Astfalk
Brower Group

(949) 438-6262



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