(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
IRVINE, CA-Affordable housing developer, Jamboree Housing Corp., has officially opened its $18-million Doria Apartment Homes. Doria is the first rental property to be developed and completed by locally-based Jamboree in joint venture with the ICLT, which has helped lead the charge to establish a permanent source of affordable housing in Irvine, according to a prepared statement, and “is the only land trust established by a cooperative municipality in Southern California.”
Laura Archuleta, president of Jamboree, also points out that the development includes 10 homes for residents with special needs, another first by Jamboree. “Moving forward, our goal is to designate at least 10% of the homes at each of our new construction properties to people with special needs,” Archuleta says. “These are folks already living in our community and permanent supportive housing is critical to providing stability for them. Doria is the first such property.”
Archuleta explains that in order to complete Doria, a variety of local funding sources were tapped, including the ICLT, the City of Irvine and the Irvine Redevelopment Agency. Combined, these three entities provide a total of $2 million in loans for the development. The Irvine Co. donated the three-acre site as part of the company's agreement with the City to provide affordable housing within Irvine's “northern sphere,” according to a prepared statement. Other financial partners include the County of Orange, Orange County Health Care Agency, the Irvine Co. and U.S. Bank.
According to Sukhee Kang, mayor of Irvine, “This project moves forward our long-term commitment to provide a full spectrum of housing. A mix of affordability in our housing is critical to the long-term success of our economy and our community.”
According to a prepared company statement, “The community land trust leased-land model is still a relatively new structure in California, but it is a familiar model to many in Irvine because the University of California Irvine has long used land leases to preserve affordability of faculty/staff housing at its University Hills community on the Irvine campus.”
Mary Ann Gaido, president of ICLT, says that Doria is a strategic first step in realizing the land trust's goal to provide 5,000 new units of permanent affordable housing in the City by 2025. "That equates to the land trust contributing more than 50% of Irvine's overall affordable housing goal in the next 15 years." According to Gaido, the ICLT already has plans for Phase II at Doria which, when complete, will encompass an additional 74 apartment homes.
Bill Campbell, Orange County supervisor, 3rd District and chairman of the board of supervisors, says in a statement that “Jamboree continues to be a great partner, especially in the current economy. We're proud to integrate special needs housing here at Doria, made possible in part by the $1 million in Mental Health Services Act funding.”
Located at 1000 Crested Bird, Doria is “an integral part of the Stonegate Master Plan being developed by the Irvine Co. in Northern Irvine,” according to a statement. Doria features 60 apartment homes in two-story and three-story garden-style buildings designed around a central courtyard.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
