BUENA PARK, CA-Affordable housing developer Jamboree Housing Corp., recently broke ground on Park Landing Apartment Homes. The housing project is located on a long-abandoned commercial site adjacent to a residential neighborhood. It will consist of 70 rental apartment homes for working families earning between 30% and 60% of the county's area median income.
The multifamily, four-story property will be developed on a two-acre urban infill site at 8850 La Palma Ave. owned by the City of Buena Park, and is slated for a July 2013 grand opening. Jamboree Housing tells GlobeSt.com that soft development costs are $6.3 million with hard construction at $12.12 million and land at $3.6 million for a total developmental cost of around $22 million.
Park Landing represents the company’s first public/private partnership with the City of Buena Park. “This project is a great example of an effective public/private partnership,” says Rick Warsinski, Buena Park city manager. “It will result in the elimination of a blighted site and the creation of high quality affordable homes for Buena Park families.”
Laura Archuleta, Jamboree president, says this team effort is also a prime example of how workforce housing can combine excellence with sustainability. “A large scale development such as Park Landing would not exist without the long-term, committed support of the Buena Park City Council and the former Redevelopment Agency. It represents the current best practices in our industry, and will also provide a substantial and sustainable boost to the local economy.”
According to the Buena Park Mayor Jim Down, “This project will create hundreds of construction jobs at a time we need them more than ever.”
Park Landing is being designed to achieve the LEED for Homes Silver rating, and is one of three Jamboree properties on track to be LEED certified this year. Park Landing’s urban-styled community will also feature a 21,000-square-foot green roof structure over surface parking, the first of its kind to be incorporated in a residential property in Orange County or the Inland Empire.
The former Buena Park Redevelopment Agency provided $6.55 million for the development. Other financing consists of 9% Low-Income Housing Tax Credits from the California Tax Credit Allocation Committee purchased for $7.465 million by WNC & Associates, which is the equity investor, and a $3.25 million construction loan from US Bank. Additional funding sources included the California Department of Housing & Community Development Multifamily Housing Program with $4.8 million.
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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.
