GROUND BREAKS FOR RETAIL/RESIDENTIAL PROJECT

LOS ANGELES — Los Angeles-based Meta Housing Corp. is breaking ground for the development of an affordable residential/retail project in Los Angeles. Located at 1011 E. Adams Blvd., the yet unnamed project will feature 80 apartments above 19,000 square feet of ground-level retail space fronting East Adams Boulevard and South Central Avenue. The retail portion will feature the area’s newest Fresh & Easy Neighborhood Market. Ranging in size from 554 to 1,103 square feet, the apartments offer one-, two- and three-bedroom floorplans. The apartments will feature energy-efficient kitchen appliances, carpeting and vinyl flooring, ceiling fans, smoke detectors, central heating and air conditioning, balconies, walk-in closets, and cable television/Internet access. Additionally, the community will feature 21,000 square feet of open space with landscaped courtyards; barbeque areas; a community facility offering classrooms; a computer/business center and a kitchen; laundry facilities and tot lot and meditation areas. The project will also offer two levels of above-ground parking, with one level accommodating the retail portion and the second, fully secured level accommodating the residents. The project is 100 percent affordable housing for residents earning from 35 to 45 percent of the area median income for Los Angeles County. Starting rents are expected to range from $497 to $887 per month depending on household income. In addition to federal low-income housing tax credits, the project received loans of $5.8 million and $4.5 million, respectively, from the Los Angeles Housing Department and Community Redevelopment Agency. Bank of America is providing both construction and permanent financing. The project’s estimated development cost is $40.6 million.