LAUSD provided a long-term ground lease for the property, allowing BRIDGE to build a development with 89 affordable apartments plus a manager’s unit. Through an amendment to the city’s Consolidated Plan, the property gives preference to LAUSD employees working within a three-mile radius and district employees outside of the area. In addition, the project was marketed to the general public, including those with disabilities.
Featuring one-, two-, and three-bedroom units, the south L.A. development serves residents earning 30% to 60% of the area median income. BRIDGE leaders say the guiding principle used in developing the site plan was to create a sustainable “living-learning” community. On an adjacent parcel, the partners developed additional community amenities, including a joint-use facility consisting of almost 4,000 square feet of indoor meeting space and over 16,000 square feet of outdoor patio and garden areas. A community room is available for use by local groups. In addition, an obstacle training course used by the Los Angeles Police Department for its Juvenile Impact Training program was developed.
A $28 million development, Sage Park is financed by several funding sources, including 9% low-income housing tax credits that raised approximately $20 million in equity from Bank of America Merrill Lynch. Built to LEED Silver standards, the development also makes use of energy credits. Almost 1,200 applications were received for the apartments.
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