Yesterday, the Los Angeles City Council voted to approve the release of $57.3 million in multifamily housing revenue bonds to the developers of two Westside supportive housing developments.
Thomas Safran & Associates, the developer of the Thatcher Yard senior and family affordable apartments in Venice, is slated to receive up to $41 million in financing for their project, which would rise from a City-owned property in the Oxford Triangle.
Architect Steven Giannetti is designing the project, which calls for the construction of multiple buildings ranging between one and three stories in height, featuring 98 apartments atop a basement parking garage.
Completion of the project is anticipated in 2023, according to a website set up by Thomas Safran & Associates.
The approximately $20-million development, slated to replace a City-owned parking lot, calls for the construction of a five-story building featuring 50 apartments above a six-car garage.
Weingart and its partner Valued Housing have already secured more than $6 million in state funding for the proposed project, which will cater to homeless veterans.
Looking for affordable housing? Visit lahousing.lacity.org/aahr