Carson, CA—Carson Mayor Jim Dear, members of the Carson City Council, city staff and the developer, Related California, will be joined by residents to celebrate the grand opening of “VIA 425”, a newly constructed affordable apartment community which has revitalized a formerly vacant city owned lot within the Carson Street corridor. The event will be held at 12:00 noon, October 22, 2012 at the recently completed and now fully-leased development at 425 E. Carson Street, Carson, CA 90745.
“VIA425 is a major positive step towards achieving the City’s vision for Carson Street,” said Carson Mayor Jim Dear. “The development provides first rate affordable housing opportunities Carson families, while also creating a vibrant and an inviting street environment to enliven a key artery of our City.”
In addition to 65 new apartment homes for families earning up to 60% of the Area Median Income, VIA425 includes 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, computer room, fitness room, children’s play area, laundry facilities.
Designed by Withee Malcolm Architects, VIA425 reinforces an urban street edge along Carson Street (consistent with Carson Street Master Plan), while providing an interior courtyard for large families with children to enjoy open space and recreation 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.
“We are very proud of VIA425, which is a prime example of developing housing in a smart growth, urban setting with access to neighborhood services and transit,” remarked Mr. Bill Witte, President of Related California, “The City of Carson has been a strong leader and partner in making this vision a reality.”
VIA425 is an example of successful public-private partnership for infill development and neighborhood revitalization. Built on a former City-owned vacant lot, the development was financed with a combination of public and private resources including a loan from the City of Carson Housing Authority, an investment of $11.0 Million of Low-Income Housing Tax Credit equity from JP Morgan, a $10.4 Million construction loan from Union Bank, and a $2.6 Million permanent loan from Union Bank.
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, Orange, San Bernardino, and San Diego Counties) and Northern California (San Francisco, Oakland, Richmond and 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.