The project, called the Magnolia Villas, will rise from a property located at 1445-1453 10th Street. Plans call for the construction of a four-story building featuring 40 apartments, including a two-bedroom manager's unit and 39 one-bedroom units reserved for older adults earning 60 percent or less than the area median income, with a preference for residents already living or working in Santa Monica.
Rents are expected to range from $548 to $1,136 per month, according to the developer.
“Our staff made extraordinary efforts to help EAH Housing complete documents securing the difficult and ephemeral funding and tax credits needed to build affordable housing, beating the deadlines even in the middle of a public health crisis,” said Kevin McKeown, mayor of Santa Monica in a news release. “That means EAH gets a quick start on housing 39 low-income senior households in mid-city Santa Monica, exactly the sort of transit-adjacent and needs-targeted affordable housing our community wants.”
DE Architects is designing the Magnolia Villas, which uses an array of cantilevered upper floors, inset balconies, and roof terraces to create a facade with "push, pull, and voids," according to a staff report to the Santa Monica Architectural Review Board.
“The City of Santa Monica’s commitment to creating affordable housing for its residents is evident by their responsiveness and the incredible effort they made in order to close financing during these tumultuous times,” said Laura Hall, president and chief executive officer of EAH Housing in a statement. “Magnolia Villas will enable seniors to age in place and provide a quality home to one of our most vulnerable populations, many of whom are facing uncertain futures due to skyrocketing rents, rising healthcare costs, and increases in the cost of living.”
The development is funded in part by the City of Santa Monica, as well as debt and tax credit equity by Bank of America.
Completion is anticipated in 2021.
EAH Housing is developing multiple affordable apartment buildings in the Los Angeles area, including a project which broke ground last year on Vermont Avenue, and another planned in Santa Monica's Pico neighborhood.
- Magnolia Villas (Urbanize LA)https://urbanize.la/tags/magnolia-villas
Interested in finding affordable housing? Visit housing.lacity.org.