Glendale City Council and the Glendale Housing Authority authorized a loan commitment and lease option for a new affordable housing project at 515 Pioneer Drive in Glendale. The project proposal includes the construction of a residential complex deemed as Glendale’s largest affordable housing project.
LINC Housing Corp and National CORE are the project developers. KFA Architecture is responsible for the design concepts and construction.
515 Pioneer Drive Aerial View via KFA Architecture
The project site is a parcel spanning an area of 2.8 acres. The project proposes to bring a housing complex spanning an area of 300,000 square feet. The complex will offer 340 units of deed-restricted affordable housing. A two-level subterranean parking garage with a capacity of 342 cars will be developed on the site.
Except for three manager’s units, the apartments will be reserved for qualifying households at low-income levels, including families and seniors. Monthly rents will range from $363 to $2,036 per month after discounting utilities. Renderings reveal three five-story buildings clad in stucco, fiber cement panels, and thin brick veneer.
515 Pioneer Drive View via KFA Architecture
More than 30,000 square feet of open space across the new buildings, including courtyards, community gardens, rooftop decks, and children’s play areas will be designed. Additionally, the project is expected to include the conversion of an existing cul-de-sac on Kenilworth Avenue into a pedestrian paseo. The new open space would be accompanied by improvements to an existing tunnel beneath the SR-134 freeway leading to Fremont Park, where the developers would build a new plaza.
LINC and National Core expect to finance through a variety of state and local sources, including a roughly $22-million contribution from the City of Glendale (inclusive of a $12.4-million land loan), $74.4 million in tax credit equity, and $35 million in multifamily housing revenue bonds. The total estimated cost of the development is $143 million.
Construction could begin as early as next year, with a completion date targeted for Summer 2024.
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