Nonprofit affordable housing developer Community Corporation of Santa Monica broke ground last week on a new five-story project called The Arroyo that will include 64 apartments available to low-income tenants.
As the Santa Monica Lookout reports, the building will be the largest completely affordable development built in the city in the three years. And, the number of apartments it will add to the city’s affordable housing stock is nearly twice the 34 units added in 2016.
As the Lookout notes, Santa Monica voters approved a ballot measure in 1990 requiring that 30 percent of all new housing be affordable. Last year, the city missed that target by 11 percent.
The new development, located at 1626 Lincoln Boulevard, is the result of an agreement with the developers of a large mixed use project slated to replace part of the Fred Segal complex at 500 Broadway. Rather than include affordable units in that property, the developers agreed to finance construction of the Lincoln Boulevard project nearby.
Both The Arroyo and the 500 Broadway project were designed by Santa Monica-based firm Koning Eizenberg Architecture. They are two of several projects popping up in the area along the newly extended Expo Line.
Community Corporation of Santa Monica will develop The Arroyo and manage the property, once it’s completed. According to a brochure from the organization, the project’s apartments will be available to residents making between 30 (or less) and 60 percent of the area median income. The apartments will be dived among 17 three-bedrooms, 18 two-bedrooms, and 29 one-bedroom units.
Other features of the complex will include on-site services like wellness classes and computer skills training, along with an open space area with a small basketball court and outdoor seating. Befitting its transit-friendly location, residents will also receive free public transportation passes.
Construction is expected to wrap up in fall of 2018.