Abbey Road Projects- May 2023 Update

May 1, 2023

Imagine Village II

Imagine village II is working toward getting permanent power.  We are still missing one breaker lock and some signage before we are set for a final pre-inspection which will start an 8 week clock for Southern California Edison to bring us permanent power..  The supply chain issues continue to impact our elevator delivery date.  The remainder of the building is moving along with concentration currently on the interior of the units.  Cabinets should begin to arrive in late May/early June followed by countertops and then plumbing finishes.   The building is moving ahead and we are 70% complete.

Check out some additional photos of Imagine Village II below!

Sun Commons

Sun Commons has permanent power to the building and all of the units.  The General Contractor has begun scheduling all of the final building inspections.  For those of you who have done home improvements, you know this can be a challenging phase!   We have our accessibility inspections beginning on May 8th and followed a few weeks later by a HUD mandated final inspection.  We hope to begin moving folks into the building in mid to late June.

Leaseup is moving ahead.  Penny Lane is making great progress with the special needs resident leaseup having 12 of the 51 units already approved by HACLA.  And all but 4 units are in process.  Kudos to Lee Overson and Gabriela Segura on an amazing job!!

The Rigby and The Main

We have no update yet on the funding rounds for the County and State financing as their NOFAs have yet to be released.  The Rigby needs an additional source from the CA Dept of Housing & Community Development before we can apply for our tax credits and bonds which serve as our largest funding sources.  We hope to have everything awarded by mid 2024  and we would then close and begin construction 6-8 months after that.

The Main will apply for County housing loan funds as well as State funding.  We will also get moving on construction documents shortly.  Finally, when we have those County and State sources in hand we will 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 entered escrow on a TAY project in Pasadena.  We are about to begin our funding cycles with the City of Pasadena and the County.  Those will be followed by state sources and then tax credits.  

We are also working on a project in the City of Downey that will house large family and TAY.  

We are excited by these new projects and we continue to look for our next new developments in walkable neighborhoods with close by amenities.

-Maura Johnson, Abbey Road