Anaheim, CA—Anaheim Mayor Tom Tait, members of the Anaheim City Council and Related California will be joined by residents to celebrate the Grand Opening Vintage Crossings, a newly constructed affordable apartment community that has achieved LEED Platinum certification, the highest rating for sustainability and green building awarded by the U.S. Green Building Council. The event will be held at noon September 10, 2012 at the recently completed and now fully-leased development at 700 E. South Street, Anaheim, CA 92805.
The completion of Vintage Crossings marks the first LEED Platinum rated affordable housing development in the City of Anaheim, and is the second time in two years that the City and Related have pioneered new territory in sustainable affordable housing development. In 2010, the City of Anaheim and Related California completed City’s first “Build it Green” certified affordable housing development, Pradera Apartments, near historic Downtown Anaheim.
“I’m very proud of this development and what it means for our community,” said Anaheim Mayor Tom Tait. “Vintage Crossings provides first rate affordable housing opportunities for working families with children, and programs for early education and enrichment for our youth--all in healthy and environmentally sustainable living environment.”
In addition to on-site amenities for residents such as a 3,000 square foot community center that hosts social services such as after school programs and adult educational classes, children’s play area, laundry facilities and outdoor swimming pool, Vintage Crossings is also home to a preschool center operated by the Anaheim School District.
“As a firm that has developed over 9,000 units of multifamily housing throughout California, I am particularly proud of Vintage Crossings and the standard it sets for sustainable affordable housing development,” remarked Bill Witte, President of Related California, “The City of Anaheim has provided tremendous leadership in this arena, and it’s been a pleasure to work together yet again to develop a property that is a standard bearer for sustainability, quality and design, and that advances our collective commitment to providing healthy housing opportunities for low income families.”
The development is an example of successful public-private partnership for infill development and neighborhood revitalization. Built on a former City-owned brownfield site, the development was financed with a combination of public and private resources including Project Based Section 8 assistance and loan proceeds from the Anaheim Housing Authority, an investment of $17.6 million of Low-Income Housing Tax Credit equity from U.S. Bank through its investment subsidiary U.S. Bancorp Community Development Corporation, a $23 Million construction loan from Union Bank, and a $9.9 Million permanent loan from Union Bank.
[Note, US Bank has expressed interest in being included in the release, have inserted their boilerplate at the end, let’s discuss whether giving them a quote is appropriate here]
A redevelopment of a former industrial site, Vintage Crossings also represents the beginning of a strategic effort to revitalize the surrounding Avon-Dakota neighborhood. [City—please comment on how much you want to elaborate about current conditions of the neighborhood and your future redevelopment efforts…also, what if anything you want to say about this being a former RDA project.
The City of Anaheim, founded in 1857, is one of the nation's premier municipalities and is one of California's most populous cities. Anaheim covers 50 square miles with more than 343,000 residents and more than 2,950 City employees. The municipal corporation's annual budget is $1.5 billion. Anaheim supports a thriving business community with companies such as Carl Karcher Enterprises, Inc., L-3 Communications, Pacific Sunwear, and Disneyland Resort. Successful sports franchises call Anaheim home, including Angels Baseball, Anaheim Ducks, the 2008 Olympic Gold Medal winning U.S. Men's National Volleyball Team, the 2008 Olympic Silver Medal winning U.S. Women's National Volleyball Team, and the Professional Arena Soccer League Anaheim Bolts. Anaheim also boasts world-class meeting and entertainment venues with the Anaheim Convention Center, LEED-certified and the largest on the west coast, Honda Center, City National Grove of Anaheim, Anaheim GardenWalk, and Angel Stadium of Anaheim. In addition, Anaheim embraces its vibrant cultural arts community, including the world-renowned Anaheim Ballet. Annually, Anaheim welcomes millions of visitors to the city, truly making it where the world comes to live, work and play. For more information, please visit www.anaheim.net.
About Related California
Related California is a fully integrated real estate firm that develops affordable and market rate multifamily and mixed-use residential properties in California. Since opening the west coast headquarters in 1989, the company has completed over 9,000 residential homes throughout California. Related has partnered with over 20 municipalities and over 25 non-profit organizations in Southern California (in Los Angeles County, Orange County, San Bernardino County, and San Diego County) and Northern California (San Francisco, Oakland, Richmond, San Jose).
The Related California portfolio includes more than $2.5 billion worth of developments. This level of activity sets the company apart from most in the industry and creates substantial purchasing and negotiating leverage, allowing Related to develop and operate assets efficiently while maintaining its standards of high quality and service. For more information please visit www.relatedcalifornia.com.
About U.S. Bank and U.S. Bancorp Community Development Corporation
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way.
U.S. Bank is also a recognized leader in financing a variety of community development initiatives using state and federally sponsored tax credit programs. U.S. Bancorp Community Development Corporation, the tax credit investment subsidiary of U.S. Bank, provides capital investment to areas that need it the most and has contributed to the generation of commercial economic activity, rehabilitation of historic buildings, construction of affordable and market-rate homes, and development of renewable energy facilities. Visit U.S. Bancorp on the web at www.usbank.com