Related California and City of Carson Celebrate Grand Opening of New Affordable Housing Community

Carson, CA— Related California and the City of Carson announced today the completion and grand opening of “VIA 401”, a newly constructed, and now fully-leased, affordable apartment community which has revitalized a formerly vacant city owned lot within the Carson Street corridor. VIA 401 is adjacent to VIA 425, phase one of the development also constructed by Related California and completed in 2012. Carson Mayor Pro Tem Elito Santarina, Former Mayor Jim Dear, and members of the Carson City Council, and city staff joined Related California CEO Bill Witte for the grand opening event.

“VIA 401 is a major positive step towards achieving the City’s vision for Carson Street,” said Mayor Pro Tem Santarina. “The development provides first rate affordable housing opportunities for Carson families, while also creating a vibrant and inviting street environment to enliven a key artery of our City.”

In addition to the creation of 40 new apartment homes for qualified families earning up to 60% of the Area Median Income, the site joins VIA 425 and a 3,000 sf community center. The community center hosts social services such as after school programs and adult educational classes, a computer room, a fitness room, children’s play area, and laundry facilities. The nearly two acre site includes a total of 105 units of affordable housing.

“We are very proud of the new affordable housing community we built in Carson. This is a prime example of developing housing in a smart growth, urban setting with access to neighborhood services and transit,” said Witte. “Southern California is facing a critical shortage of affordable housing and the City of Carson has been a strong leader and partner in helping to address this issue.”

Designed by Withee Malcolm Architects, VIA 401 reinforces an urban street edge along Carson Street, consistent with Carson Street Master Plan, while providing a recreational courtyard with tot lot and play area for families with children to enjoy open space in a secure urban setting. Related was selected through a competitive RFQ and RFP process to develop the site under a Disposition & Development Agreement with the City of Carson’s former redevelopment agency. The new affordable housing community was financed with a combination of public and private resources including an $11 million investment of Low Income Housing Tax Credit equity from JP Morgan, a construction loan from Union Bank, and a permanent loan from Union Bank.

About Related California
Related California, the West Coast affiliate of Related Companies, is a fully integrated real estate firm that develops multifamily residential and mixed-use properties in California. Since 1989, Related California has undertaken a range of transformational developments from best in class luxury high rise residential properties to the redevelopment of obsolete public housing, spanning a broad spectrum of urban infill, affordable, mixed-income and market rate multi-family developments. The company has completed more than 9,800 residences and has a track record of consistently developing communities that represent industry benchmarks in design, construction, sustainability and property management. Related California has a long history of community partnership, having collaborated with more than 20 municipalities and over 25 non-profit organizations throughout California. Related California has successfully developed and managed a broad range of property types throughout Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Diego, San Francisco and Santa Clara counties. Related California has developed more than $2.9 billion in assets. For more information about Related California, visit www.relatedcalifornia.com

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ANNOUNCEMENTS
Related California and City of Carson Celebrate Grand Opening of New Affordable Housing Community

Completion of VIA 401 marks final phase of new affordable apartment homes that revitalize vacant city-owned lots in the Carson Street Corridor

4/2/2015 Carson, CA— Related California and the City of Carson announced today the completion and grand opening of “VIA 401”, a newly constructed, and now fully-leased, affordable apartment community which has revitalized a formerly vacant city owned lot within the Carson Street corridor. VIA 401 is adjacent to VIA 425, phase one of the development also constructed by Related California and completed in 2012. Carson Mayor Pro Tem Elito Santarina, Former Mayor Jim Dear, and members of the Carson City Council, and city staff joined Related California CEO Bill Witte for the grand opening event.

“VIA 401 is a major positive step towards achieving the City’s vision for Carson Street,” said Mayor Pro Tem Santarina. “The development provides first rate affordable housing opportunities for Carson families, while also creating a vibrant and inviting street environment to enliven a key artery of our City.”

In addition to the creation of 40 new apartment homes for qualified families earning up to 60% of the Area Median Income, the site joins VIA 425 and a 3,000 sf community center. The community center hosts social services such as after school programs and adult educational classes, a computer room, a fitness room, children’s play area, and laundry facilities. The nearly two acre site includes a total of 105 units of affordable housing.

“We are very proud of the new affordable housing community we built in Carson. This is a prime example of developing housing in a smart growth, urban setting with access to neighborhood services and transit,” said Witte. “Southern California is facing a critical shortage of affordable housing and the City of Carson has been a strong leader and partner in helping to address this issue.”

Designed by Withee Malcolm Architects, VIA 401 reinforces an urban street edge along Carson Street, consistent with Carson Street Master Plan, while providing a recreational courtyard with tot lot and play area for families with children to enjoy open space in a secure urban setting. Related was selected through a competitive RFQ and RFP process to develop the site under a Disposition & Development Agreement with the City of Carson’s former redevelopment agency. The new affordable housing community was financed with a combination of public and private resources including an $11 million investment of Low Income Housing Tax Credit equity from JP Morgan, a construction loan from Union Bank, and a permanent loan from Union Bank.

About Related California
Related California, the West Coast affiliate of Related Companies, is a fully integrated real estate firm that develops multifamily residential and mixed-use properties in California. Since 1989, Related California has undertaken a range of transformational developments from best in class luxury high rise residential properties to the redevelopment of obsolete public housing, spanning a broad spectrum of urban infill, affordable, mixed-income and market rate multi-family developments. The company has completed more than 9,800 residences and has a track record of consistently developing communities that represent industry benchmarks in design, construction, sustainability and property management. Related California has a long history of community partnership, having collaborated with more than 20 municipalities and over 25 non-profit organizations throughout California. Related California has successfully developed and managed a broad range of property types throughout Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Diego, San Francisco and Santa Clara counties. Related California has developed more than $2.9 billion in assets. For more information about Related California, visit www.relatedcalifornia.com

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