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Description:
Puerta del Sol Condominiums is a new construction, mixed-use 165 unit for-sale condominium development, which also includes 2,634 sq ft of store-front retail. The condominiums are part of a master-planned community that includes 221 affordable rental housing units, a child care center, and approximately 10,000 sq ft of community-serving retail. Location:
The property is located within a redevelopment area in the Lincoln Heights area of East Los Angeles, approximately two miles north of the downtown area. The Avenue 26 Gold Line light rail station is located adjacent to the Puerta del Sol Condominiums and provides access to many neighborhoods, including Old Pasadena and Downtown Los Angeles. The immediate neighborhood is a mixed industrial and residential area within ¼ mile of the "Five Points" neighborhood shopping area to the south, which includes a Vons supermarket, local retail shops, and the Figueroa neighborhood shopping area to the north. A new Home Depot is also located within ½ mile of the property, as is the 600-acre Elysian Park and Dodger Stadium. Size:
193,930 sq ft on 2.925 acres Community Benefits:
The project will redevelop an old factory site in the built-out urban core of Los Angeles to create much-needed, affordable workforce housing. The project includes a minimum of 66% of the units at prices affordable by a two wage earning family earning between 80% and 150% of the average median income for the area. The project will increase the residential density adjacent to the Avenue 26 Gold Line light rail station which will help alleviate traffic congestion and create greater livability in the Los Angeles metropolitan area. Construction Completion:
Construction is scheduled to be completed in April 2006. Developer:
AMCAL, with offices in Agoura Hills, has been developing quality housing throughout California since 1978. The firm is focused on developing high-quality urban multi-family housing that provides architecturally attractive, meticulously constructed and environmentally smart opportunities for affordable family living in both for-sale and rental properties. Project Cost:
$41,000,000 Financed By:
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