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

Los Angeles /
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

arrow_forward_ios
(Illustration by The Real Deal with Getty)
In Pasadena, houses of worship can build affordable housing
In Pasadena, houses of worship can build affordable housing
Mike Sullivan and rendering for 6000 W. Hollywood Blvd (The Sullivan Family, Getty Images)
Toyota of Hollywood could turn into a retail village
Toyota of Hollywood could turn into a retail village
Oak Road 's David Aghaei with 5600 block of S. Broadway
Affordable housing developer plans 38-unit building in South LA
Affordable housing developer plans 38-unit building in South LA
Brasa Capital Management's Eric Samek and rendering of 3450 W. 43rd Street in Los Angeles (Brasa Capital, HBA)
Streamline Moderne apartment house coming to Leimert Park
Streamline Moderne apartment house coming to Leimert Park
Abode Communities' Holly Benson and rendering of 912 E. Broadway, Glendale (Abode Communities)
Historic medical offices in Glendale to become senior housing
Historic medical offices in Glendale to become senior housing
From left: Gavin Newsom and California State Representative Buffy Wicks (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
California Legislature Passes 4 Housing Bills
California Legislature Passes 4 Housing Bills
View of Sylmar Village at 12534 San Fernando Road (JZA)
Sylmar project aims for 100% affordable market
Sylmar project aims for 100% affordable market
Jamison Properties' Jaime Lee and rendering of 3000 Wilshire Boulevard, Koreatown (Jamison Services, USC Lusk, Getty)
Jamison to raze building for 188 apartments in Koreatown
Jamison to raze building for 188 apartments in Koreatown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...