The Pacific Companies is plotting an affordable housing project in Reseda.
The Idaho-based developer closed on a ground lease with New York-based Safehold for the proposed Twin Park Landing project at 6670 Reseda Boulevard, Multi-Housing News reported. Development costs for the 275-unit project are believed to be more than $127 million.
The Pacific Companies is seeking approval for the allocation of tax credits for the property in Reseda. The firm applied for $6.4 million in low-income housing tax credit, as well as $68 million in tax-exempt bonds, last December.
The development will be for residents earning at or below 30, 50, 60 and 70 percent of the area median income.
Twin Park Landing will consist of two buildings containing 275 one-bedroom units. It will rise near the Los Angeles River and Reseda Park, and residents will have walking-distance access to more than 300,000 square feet of retail space in the Reseda Boulevard corridor.
The Pacific Companies and Safehold have joined forces before. In July, the two companies signed an agreement to build a 227-unit residential development in San Diego. They inked similar deals on four other projects last year with 781 units throughout California.
The Twin Park Landing project is expected to be completed in 2029.
More than 8,000 units across metro Los Angeles were under construction this month, according to Yardi Matrix. So far this year, 3,500 affordable units have been delivered, making up 36.2 percent of all housing completions in the local market.
Elsewhere in Reseda, four rent-controlled cottages are slated to be demolished to make way for a six-story, 95-unit apartment building from multifamily developer JZA Architecture.
The Los Angeles-based firm submitted a pre-application to the Los Angeles City Planning department last month on behalf of developer Efi Meirson to utilize Executive Directive 1 incentives for affordable housing for its planned residential property at 7040-46 Baird Avenue. — Chris Malone Méndez
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