Meta Housing Completes $43M Multifamily Redevelopment in LA’s Chinatown
- Apr 02, 2013
Los Angeles—Meta Housing Corp. has completed the redevelopment of The Metro at Chinatown Senior Lofts, formerly vacant, which is now a transit-oriented, affordable senior housing property in Los Angeles’ Chinatown.
Located at 808 North Spring St., The Metro at Chinatown Senior Lofts will provide local seniors, aged 55 or older, with affordable, amenity-rich housing in close proximity to public transportation.
“This project is well-aligned with Meta Housing Corp.’s philosophy, which is to provide high quality, service-enriched affordable housing for seniors in strong urban markets,” Kasey Burke, Meta Housing Corp.’s executive vice president, tells MHN. “The apartments themselves are very unique. These are not your traditional, cookie-cutter units; rather, they are large, loft-style apartments with high ceilings and a great deal of style. The adaptable, re-use nature of the design also brings an urban flair to the apartment interiors.”
The Metro at Chinatown Senior Lofts consists of 123 units and includes amenity spaces and services that standout in the neighborhood. The property is made up of two integrated structures including a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916.
It is comprised of loft style studios, one- and two-bedroom units ranging in size from 548 to 1,340 square feet. The apartments feature modern design elements, color schemes and fixtures.
“Services available to residents are centered around the arts, while residents can also enjoy a modern fitness center and media room, as well as a stunning open roof deck on the seventh floor which provides amazing views of the city,” Burke says. “The Metro at Chinatown is located in the heart of Chinatown, which is a very walkable neighborhood. Residents who live here benefit from a wide variety of storefront shopping and dining.”
The project was completed with support from Western Community Housing, which served as the co-developer and managing general partner. The City of Los Angeles’ HUD Neighborhood Stabilization contributed $12.6 million to the project, while the State of California’s Department of Housing and Community Development’s Transit-Oriented Development Program provided $10.5 million to the development. In addition, Bank of America provided $33.5 million in construction financing and Low Income Housing Tax Credits (LIHTC) for the new Metro at Chinatown.
“The location is excellent. As a transit-oriented development, the apartment community is close to the Gold line, as well as numerous bus stops, which allows the people living in this community to easily move throughout the neighborhood and surrounding metro area,” Burke says. “The apartment community is across the street from Homeboy Cafe and just down the street from the new Cornfield Park.”
The community began leasing in January 2013, and is currently 80 percent occupied.