Metro West Housing Solutions continues its efforts to improve affordable housing options in Lakewood with its latest project, Fifty Eight Hundred.
The project will be located at the former Martischang property at 5800 W. Alameda Ave. and will build 54 family apartments at the already existing tower and 98 more in a separate four-story building.
"This is absolutely a critical project for Metro West and the city," said Nanette Neelan, deputy city manager and economic development director. "This takes a longstanding vacant building and puts investment into it. The project will provide jobs and fill a niche of affordability for families."
All the apartments in Fifty Eight Hundred will be affordable, with no market-rate units. Rent will be between 30 to 60 percent of area median income.
Two recent funding announcements proved crucial in getting the project off the ground.
On May 19, Metro West Housing Solutions announced the receipt of the Low Income Housing Tax Credits (LIHTC) award for $800,000. According to information provided by Metro West, 19 affordable-housing developments vied for the $5 million in tax credits.
"This is a $34 million construction project, so credits like this are crucial," said Brendalee Connors, chief asset management officer with Metro West. "We see this project as a great opportunity and a great need in the city."
On May 20, the U.S. Environmental Protection Agency (EPA) awarded Metro West Housing Solutions $200,000 in Brownfields grant funds to address environmental concerns, including potential soil vapors, asbestos, lead and mold at the 3.68-acre site. The concerns come from Alameda's developmental history, including many auto dealerships and other businesses that leaked chemicals into the ground. The Martischang property has also been vacant for some time, and requires cleanup.
"Environmental issues on this site are one of the biggest challenges," said Ryan McCaw, sustainability and grant programs manager with Metro West. "These funds will help us with cleanup, and allow us to reinvest our money into making a quality living space."
The goal is to begin construction on the project in mid-2017, with a completion date of early to mid-2018. Metro West has been working with neighbors, the New American School and Red Rocks Church, both of which will remain where they are.
"People are excited about this, particularly because it will be such a visible project," said Tami Fischer, Metro West executive director and CEO. "This will be attainable living options for families."
The revitalization of Alameda has been eagerly awaited by the Alameda Gateway Community Association, and the group is eager to usher in a new era for the area.
"The Metro West project will help to fill the enormous gap in quality affordable housing which is vital to the economic stability of the Alameda corridor and Lakewood," said Doug Wells, president of the Alameda Gateway Community Association. "This revitalization effort will accelerate growth east along Alameda to Sheridan Boulevard and activate the Harlan intersection, creating additional opportunities for redevelopment in the future."
One of the highlights about the project is the cooperative effort making it happen, according to Ryan Lunsford, principal with Affordable Housing Consultants.
"There's something special about a project that lets us refit an existing structure that we wouldn't be able to do otherwise," he said. "It's a great partnership on all levels."
from Lakewood Sentinel - Latest Stories http://lakewoodsentinel.com/stories/More-affordable-housing-coming-to-Lakewood,215417
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