Construction begins on the fourth phase of affordable housing at the Taylor Yard Village in Los Angeles, CA
LOS ANGELES (July 13, 2020) – In partnership with The Los Angeles Metropolitan Transportation Authority, the City of Los Angeles and New Economics for Women, McCormack Baron Salazar successfully closed on financing and has commenced construction on the fourth phase of affordable housing at the Taylor Yard Village located in the City of Los Angeles. Parque Vista Apartments will include 42 two-and three-bedroom affordable rental apartments for large families, set aside for households who earn between 30% and 60% of the area median income. The first two phases of the $180 million redevelopment, the Taylor Yard Apartments and the Rio Vista Apartments, consist of 155 affordable rentals for large families and were completed in 2014. The third phase consists of an affordable rental for seniors, called Casa Salazar, that was completed and occupied in 2017. An additional 95 market rate homeownership units have also been developed as part of the mixed-income strategy for the master plan along with over 1½ acres of community open space.
“The renaissance of Taylor Yard and this part of the Los Angeles River area is a wonderful example of cities and neighborhoods changing for the better,” said Dan Falcon, Managing Director, McCormack Baron Salazar. “Parque Vista is everything a neighborhood should be – it’s walkable, safe, and close to transportation. It’s also mixed-income and multi-generational, so it’s inclusive for a variety of income levels and ages.”
Part of a former rail facility previously owned and operated by the Southern Pacific Railroad, the Taylor Yard Village is the first large-scale riverfront development to be developed along the river’s edge in the City of Los Angeles, benefiting from the improvements envisioned in the River Revitalization Plan. These improvements include the adjacent, recently completed Río de Los Angeles State Park, a 40-acre regional park that offers both active and passive recreational opportunities for the community.
“Building affordable housing is critical as the next phase of the Taylor Yard project moves forward, especially during the Covid-19 crisis,” said Gil Cedillo, Los Angeles Councilmember. “Affordable housing is more important than ever, and I look forward to the fourth phase of this project, which will provide housing, resources and services in this vibrant, eclectic part of Los Angeles.”
The new Parque Vista apartments will include five individual buildings that are three stories each, with ground-level parking for 64 vehicles, and pedestrian and vehicle security gates. Each individual unit includes its own washer and dryer, refrigerator, dishwasher, microwave, and electric range with hood. The units will have central air conditioning and heating and vinyl plank flooring. There will be an on-site community room for recreation and other common uses.
A core component of the McCormack Baron Salazar development approach is layering public and private funds to transform communities across the country. Parque Vista has a total development cost of more than $25 million. Funders and investors include Bank of America, the California Community Reinvestment Corporation (CCRC), and the City of Los Angeles Housing and Community Investment Department’s Affordable Housing Managed Pipeline.