Metro and McCormack will cut retail, add affordable housing at Taylor Yard project

The move comes amid LA’s affordable housing crunch and dwindling desire for retail, officials said

Apr.April 03, 2019 01:00 PM
Richard Baron, CEO and co-founder of McCormack Baron Salazar

Amid Los Angeles’ urgent need for affordable housing, Metro and developer McCormack Baron Salazar will add more affordable units to its 16-acre Taylor Yard development project and eliminate a retail portion.

The joint venture has already constructed 263 affordable units and 95 condominiums at 1311 N. San Fernando Road, and 42 more units are on the way. Now the developer has agreed to add 56 additional affordable units and eliminate 16,700 square feet of retail space, according to Urbanize.

The $180-million project on Metro-owned property by the L.A. River includes 8,300 square feet of newly-built retail space. The property was approved for retail use four years ago, but Metro officials said there is not enough interest from retail tenants.

The Metro Board Planning and Programming Committee also extended McCormack Baron Salazar’s ground lease to April 2022, and potentially to April 2024 if needed, according to the report.

The riverfront development is part of a former rail facility that was used by the Southern Pacific Railroad. It’s located about three miles from Downtown in the Cypress Park community next to the 40-acre Río de Los Angeles State Park.

Cypress Park could also see more housing projects soon. Last month, developer Greg Sharp filed plans for a mixed-use project on North Figueroa Street with 55 units. And Beverly Hills-based FDZ Partners is also planning a 100-unit development one block from Sharp’s location. [Urbanize]Gregory Cornfield

Related Articles

A rendering of FlyAwayHomes’ HHH project in South LA and Mayor Eric Garcetti, who led the push to approve Prop HHH.

LA has now funded 8.5K units of affordable housing through $1.2B bond

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

LA City Councilmember Gil Cedillo and Jade Enterprises’ Sapphire development (credit: Scott L on Flickr)

Westlake abandoned its affordable housing requirements a decade ago. Things have changed

LA City Controller Ron Galperin and a groundbreaking ceremony for the first development funded by Prop HHH in December 2017 (credit: Office of Mayor Eric Garcetti)

Market-rate condos for the homeless? It costs just as much under LA bond program

Californians are considering a move out of state because of the cost of housing (Credit: iStock)

Movin’ on out: High cost of housing has Californians considering exit plan

Governor Gavin Newsom and a rendering of Enlightenment Plaza

Affordable developer’s first project will be a big one in Rampart Village