Michaels Organization Receives Financing for Third Phase of Jordan Downs Redevelopment in Los Angeles
LOS ANGELES — The Michaels Organization has received financing for the third phase of new housing at Jordan Downs, a redevelopment project in Los Angeles’ Watts neighborhood. This is the latest milestone in a revitalization of the city’s largest public housing community. The Housing Authority of the City of Los Angeles and its private-sector partners, Michaels and BRIGE Housing, are leading the project.
The $58 million, Phase 3 development will provide 92 new apartments, affordable to households earning between 30 percent and 80 percent of area median income. The new apartments will include a variety of floor plans in a mix of one-, two- and three-bedroom layouts with sustainable finishes and energy-efficient appliances. Additionally, 17 apartments will be fully accessible to residents with physical disabilities and hearing or visual impairments.
Targeting LEED Gold certification, the apartment building will feature solar PV designed to offset all the common area and central hot water heating for the development.
Financing for Phase 3 includes equity from Berkadia’s purchase of 9 percent Federal Low-Income Housing Tax Credits and permanent loans through Freddie Mac, the State of California’s Affordable Housing and Sustainable Communities program, and the Housing Authority of the City of Los Angeles. Additionally, the project’s State of California funding includes discounted transit passes for residents and a job training partnership to help leverage the impact of the project for neighborhood career advancement.
Jordan Downs Phase 3 will also incorporate rental subsidies through project-based Section 8 contracts and the Rental Assistance Demonstration program.
The development team includes Walton Construction, FSY Architects, Partner Energy and Breen Engineering. Michaels Management will serve as the property manager once construction is completed in approximately 21 months.
When the redevelopment is fully complete, Jordan Downs will be transformed into an urban village with the original 700 World War II-era units of public housing replaced by more than 1,400 new homes for new and existing residents. Jordan Downs will also feature new commercial and retail spaces, a new community center and more than nine acres of open green space.