Related Companies and nonprofit the Weingart Center have scored $30 million in state-backed bonds to help build their planned transitional housing complex near Skid Row.
The L.A. City Council voted to allow the California Municipal Finance Authority to issue the bonds, which will fund construction at 600 South San Pedro Street, according to Urbanize Los Angeles.
The council has already approved construction for the 18-story tower, which will include 298 affordable units — slated for tenants who meet extremely low-, very low- and low-income thresholds — and four apartments for managers.
On the ground floor, the developers plan to build 10,200 square feet of commercial space and on-site supportive services.
The CMFA is a joint powers authority that can issue tax-exempt bonds for the development of affordable multifamily and senior housing, among other public benefit projects.
Farther south at 1405 South Broadway, Related is working with Weingart to build a 335-unit affordable housing complex.
Under its Related California branch, the firm owns and manages more than 19,500 affordable and workforce housing units across the state, according to its website. Workforce housing is for those designated as middle-income tenants.
In the Bay Area, the firm is planning a 300-unit affordable housing complex in Oakland through a partnership with nonprofit developer East Bay Asian Local Development Corporation. It’s also working on a 1,000-unit housing development in Santa Clara near Levi’s Stadium where the San Francisco 49ers NFL team plays. That’s in addition to an even bigger project titled Related Santa Clara with 1,650 homes, 6 million square feet of offices, a 700-room hotel and retail on 240 acres.
— Isabella Farr
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