MacArthur Park*
Los Angeles, CA
According to a 2011 study by the Center for Housing Policy, the average working family spends a higher percentage of their income on transit (29%) than they do on housing (28%), with the two costs combined taking up more than half their total income (57%). The need for affordable housing combined with affordable transportation has reached a critical point across the country.
To begin to address this need in Los Angeles, McCormack Baron Salazar formed a complex public-private-community partnership to connect affordable housing to jobs and opportunities for working families, and provide a safe, livable, walkable community with services and retail for residents and riders. The result of this partnership is the MacArthur Park Transit-Oriented Development (TOD).
Built in partnership with the Los Angeles County Metropolitan Transportation Authority, Los Angeles Housing Partnership, Polis Builders, local and state government agencies, and community residents and funded by New Markets and Low Income Housing Tax Credits, traditional debt and other local and state government programs (including the Housing Authority of the County of Los Angeles’ City of Industry Program and the State of California’s TOD Program), the landmark development serves as a model for other TODs and acts as a catalyst for the revitalization of the larger MacArthur Park neighborhood.
The $44 million first phase includes 90 affordable apartments, approximately 15,000 square feet of retail, 100 commuter car parking spaces, 42 retail car parking spaces and 24 bicycle parking spaces. Phase B will include an additional 82 affordable apartments, 15,000 square feet of retail, and a comprehensive bike parking facility. Phase B retail will share car parking with Phase A.
The development is located adjacent to the METRO Red Line Subway and required intricate engineering to bridge the subway tunnel. At street level, the sustainably-built development not only defines a public space to encourage public transit ridership and pedestrian activity but also provides a safe environment for families. Each household receives a free monthly METRO pass to further encourage the use of public transportation.
This institution is an equal opportunity provider.
Quick Facts
Project Goal: Provide affordable housing with access to transit while generating a critical mass of energy vital to new community development
Total Development Costs: $80,000,000 (2 phases)
Square Footage: 30,000 sf of retail space, 172 units, 338 parking spaces
Developer: McCormack Baron Salazar
Tax Credit Investor: Goldman Sachs Urban Investment Group
NMTC Qualified Low Income Community Investment: $9,464,239
Construction Jobs: 309 full-time employees
Permanent Jobs: 15 full-time employees
Other Key Project Financing: Goldman Sachs, Los Angeles County Metropolitan Transportation Authority, MBS Urban Initiatives CDE, The State of California Housing & Community Development Department, City of Los Angeles Housing Department, Housing Authority of the County of Los Angeles, Bank of America
Investment date: March 30, 2010
Opening date: June, 2012