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Chinatown KOR Project Reborn as Affordable Senior Housing

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In a sign of the not-as-fancy times, blogdowntown reports that the City Council is set to approve $23 million in tax-exempt bonds for the Chinatown Metro Apartments--123 units of affordable senior housing in two adjoining buildings on Spring St. near Alpine. Back in the halcyon days of 2004, Eastern Columbia and Pegasus developer KOR Group began work to convert those same buildings into market-rate units, but financing and parking issues put an end to that vision (at least KOR had finished lead and asbestos abatement). In September, affordable housing developer Meta Housing Corp bought the two buildings--one is six stories, one is nine--as a short sale for $9 million. The new plan for the project includes 56 efficiency units, 60 one-bedroom units, and seven two-bedroom units. · Stalled Chinatown Residential Set to Restart as Senior Units [blogdowntown]