Santa Monica’s affordable housing provider, a non-profit called Community Corp, broke ground on a whopping $35 million project that will offer rare apartments for large low-income families. To help fund this project, the city provided $13.3 million from its Affordable Housing Trust Fund, or about $277,000 per residence. The total estimated cost of the development is $35,004,723 or $729,265 per residence, according to the agency’s loan application.
This groundbreaking comes in on the heels of Santa Monica preparing to meet a State-mandated housing target that calls for 8,895 new units in eight years, 6k of those must meet affordable housing standards.
“The City of Santa Monica and the Pico neighborhood are famous for their decades of activism fighting for affordable housing and tenant’s rights,” said Mayor Sue Himmelrich in a news release. “We celebrate an amazing partnership between the City of Santa Monica and local nonprofit partner Community Corporation of Santa Monica that will result in the creation of 48, 100 percent affordable apartments that will be home to both families and individuals.”
But enough about stats, let’s talk building specs.
Located on the former site of Mount Hermon Baptist Church at 1819 Pico Boulevard. Designers Brooks + Scarpa describe the building concept as a “village” consisting of multiple buildings centered on a central courtyard. Plans show an architectural stucco exterior and a food hall at street level. This “village” will feature 48 units, 33 of those will target very low-income households. There will be 22 one-bedroom units, 14 two-bedroom units and 12 three-bedroom units. It will also house a small business marketplace and café.
According to Community Corp officials, the four-story building will “increase affordable housing opportunities for large families in Santa Monica who typically have difficulty finding appropriately-sized housing in the city.” The apartments will cater to households earning at or below 30, 40, 50, 60, and 80 percent of the area median income. Rents would range from as $522 to $2,028 per month.
So, what do you think of this plan? Do you think it’s good that Santa Monica is expanding opportunities to live here? Let’s discuss 310.924.4014
DID YOU KNOW The supply of existing homes for sale rose for the first time in months from 2.1 months to 2.4 months in April 2021. That’s a 14% increase in inventory….
North of Montana Real Estate News….
This week seven new listings came on the market-
229 22nd Street– Listed for $5,300,000. Built in 2003 with a classic floor plan and nice finishes. Last sold in 2019 for $4,334,000. It’s a very cool house with a nice vibe.
1609 San Vicente Blvd– Listed for $6,395,000. This large, 4800+ sqft, Italian Renaissance style home is on a nearly 10,000 sqft lot. It was last remodeled in 1989, so it is ready for some cosmetic updating but is clean, livable and private.
632 16th Street– Listed for $4,895,000. Two story Mediterranean by architect Richard Landry, built in 2000. Last sold in 2012 for $3,521,300.
455 21st Place– Listed for $7,395,000. Charming East Coast Traditional with pool. Built in 2016 with over 6,800 sqft on three levels. Last sold in 2016 when it was brand new for $6,450,000.
554 14th Street– Listed for $4,500,000. Built in 1990 this home wraps around a center courtyard. Over 4,400 sqft, ready for updating. Last sold in 2009 for $2,240,000.
728 12th Street– Listed for $5,995,000. Extensively remodeled 1924 Spanish Revival. Killer guest house above the 4-car garage! Last sold in 2017 for $5,375,000.
1208 Georgina Avenue– Fully priced at $8,849,000. 1920’s Craftsman on a large lot with pool, barn and guest house. This property is beautiful and the house has tons of charm and character. Over the years I have had several inquiries about the availability of this house. Here is your chance to own it!
Five houses went into escrow-
710 18th Street– I listed this one for $4,995,000. We are in escrow but there are still a number Buyers viewing this house for back-up!
1002 Alta Avenue– Listed for $5,795,000. We are not at all surprised that this went under contract within just a few days of launching. It is one of the nicest remod’s I have ever seen.
538 16th Street– Listed for $3,899,000.
457 24th Street– Listed for $4,295,000.
610 21st Place– Listed for $3,850,000.
Six Closed Escrow –
509 21st Place– Sold for $5,125,000. Originally listed for $5,150,000.
615 12th Street– Sold for $3,000,000. Originally listed for $2,995,000.
2020 Georgina Avenue– Sold for $11,850,000. Originally listed for $12,595,000.
744 21st Place– Sold at the original asking price of $2,725,000.
551 Lincoln Blvd– Sold for $4,835,000. Originally listed for $4,795,000.
424 9th Street– Sold for $4,520,000. Originally listed for $4,725,000.