Loft living isn't just for Gen Y. Notice how affordable seniorsspecialist Meta Housing's new complex in Chinatown demonstrates. Mayor Villaraigosa helped cut the ribbon for The Metro at Chinatown Senior Lofts, a $43M TOD next to the Metro Gold Line, steps from the Chinatown station. The property (808 N Spring St) was vacant and blighted but well-located whenMeta began the redevelopment, according to president John Huskey--ideal for a community in which seniors can stay connected to the neighborhood. But in case they want to mingle on site, the project includes yoga and screening rooms, a resident art gallery, and rooftop patio.
The new community consists of a seven-story structure builtin the 1920s and a nine-story building constructed in 1916. (It also appears to be a hotspot for school buses--great for reminding seniors who used to have to walk to school both ways.)Western Community Housing served as the co-developer and managing general partner. Funding sources included LA's HUD Neighborhood Stabilization and California's Department of Housing and Community Development's TOD program, as well as BofA, which provided in $33.5M in construction financing and low-income housing tax credits.
Email your commercial RE news to julie@bisnow.com.
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