Something seemingly out of place is on the horizon for downtown. The Calabassas-based Buxbaum Group plans to convert the old Alexandria Hotel into workforce housing. No luxury condos here. How could this happen? Have all of those living in luxury finally decided that they want people to do basic services near them? With the help of the CRA, the group acquired the Alexandria for about $30 million and will spend about $14 million on the renovations. Aside from workforce housing, the once luxurious Alexandria will include many amenities:
a business center, a community room and fitness center and a diner that will serve discounted meals to tenants. Apartments will be available to households with incomes of 60% or less of the area median income for Los Angeles County. The completed units are expected to rent for $600 to $700 a month, including utilities.
Looks like our sweet New Downtown is finally growing up!
· Buyers Convert Historic Alexandria Hotel [Cityfeet.com]