Abbey Road Projects- April Update

March 31, 2023

Imagine Village II

Imagine village II was chosen by the manufacturer to receive expedited meter banks.  We hope to know whether their new expedited delivery date will keep us on schedule or cause us to complete later than expected when they provide delivery information at the end of the month.  This supply chain issue ultimately relates back to the worldwide semi-conductor chip shortages which impacts the machinery that makes meter banks. Other good news is that we continue to move the building forward and are 60% complete and starting to work on the inside of the units.

Check out some additional photos of Imagine Village II below!

Sun Commons

Sun Commons feels a little like that children’s book “The Little Engine That Could”.  We are on that steep incline to completion and are creeping toward that Certificate of Occupancy. Utilities remain our critical path.  LADWP has begun connecting wires and set our Transformer!  But we still have a few hoops before the switch is flipped and power comes to the building which will allow us to begin testing for our final sign offs for each trade.  Our Fire Hydrant is in.  And The Gas Company is finally in plan check for their permit.

Leaseup is moving ahead with interviews with prospective low income general affordable residents.  Our matching through the Coordinated Entry System has just started.  In our next newsletter we should have some more information about how leaseup is progressing.

The Rigby and The Main

The Rigby received one of the two State funding sources we needed from the CA Dept of Housing & Community Development so we will have to apply again in June of this year.  We now have City of LA financing, County financing and one of two required State financing awards needed before we can apply for our tax credits and bonds which serve as our largest funding sources.  We hope to have everything  awarded by early to mid 2024  and we would then close and begin construction 6-8 months after that.

The Main was also awarded Project Based Vouchers.   This development will apply for County housing loan funds in April and we expect to know if we were successful by July.  This project also needs State funding.  That application will likely be due in June.  Once the next application is successful we would move along the architectural and get the project in to plan check.  With the award of all of these funds we would then apply for tax credits and tax exempt bonds in early to mid 2024 and close and begin construction by the end of 2024 or early 2025.

New Projects on the Horizon

We have entered into escrow on two potential projects.  One is a candidate for Homekey in Lancaster and the other is in Pasadena.  At this time, we start delving into all of the nooks and crannies to determine whether these are projects that are both financially feasible and would be a great match for both Abbey Road and Penny Lane.  We are also working on a potential project in the City of Downe that we hope will work out.  As I think we have said before, each of these projects takes about 5 years to come to fruition from the time we locate a site to the time we begin to lease it up.  

That being said, we continue to look for new developments and we are happy to go see any vacant sites that you think might be a great site for a building in a walkable neighborhood with close by amenities.

-Maura Johnson, Abbey Road