LOS ANGELES–A $43.8-million mixed use project targeted at affordable senior housing has opened, bringing 120 one and two-bedroom apartments online.

Some 4,000 inquiries were made for residency at the Metro@Hollywood development by Meta Housing Corp., according to senior project manager Tim Soule. The project includes 5,500 square feet of ground-floor retail space and is located near the Los Angeles County Hollywood/Western Red Line subway at the corner of Hollywood Blvd. and Garfield Place.

Ground-floor retail tenants are still being decided, Soule says. Applications have been received from an ethnic Armenian grocer and a pharmacy, among other potential tenants.

John Huskey, president of Meta Housing Corporation, said in a statement that transit-oriented development is a “smart growth solution for urban cities throughout the US. “By strategically placing our properties in pedestrian-friendly neighborhoods and utilizing public metro and bus systems, we have identified a viable and environmental solution to many of the traffic and parking issues which are typical in an urban neighborhood.”

The Metro@Hollywood was completed with support from the state Dept. of Housing and Community Development, the Community Redevelopment Agency of Los Angeles, and the Los Angeles Housing Dept.

Construction financing was provided by Citibank, while permanent financing was provided by the California Community Reinvestment Corp. The equity investor for the project, Redstone Equity Partners, purchased the low income housing tax credits, which provided equity for the project. The Metro@Hollywood was designed by PSL Architects.

Soule tells GlobeSt.com that affordable senior housing was sorely needed. “I think the size of the wait list speaks to that. There's a huge demand for affordable housing not only in that neighborhood, but throughout Los Angeles.”

The apartments range from $434 for a one-bedroom up to $834 for a two-bedroom, Soule says. Pricing is determined by income level.

The property was designed to promote a sense of community and engagement among residents, featuring a two-story clubhouse with large glass windows which opens into the outdoor center courtyard.

The developer offers free programs to all residents through its non-profit partner, EngAGE. Community residents will have access to an integrated program of arts and wellness classes taught by college-level professionals at no cost The building also offers an exercise room, library, art studio, media room, large community room, and two outdoor decks.

“We try to introduce arts in all our projects,” says Soule. “It's a very robust program designed to encourage participation in the community.” Soule says founder Huskey “prides himself on serving seniors and providing a robust business package. It also makes good business sense. The more they live, the longer they remain tenants.”

As reported earlier by GlobeSt.com, a new affordable housing project targeting seniors and young families is under construction in Hollywood.