The proposal to develop a residential project at 126 New Avenue in Monterey Park has moved forward by securing funding for construction.The project proposal includes the construction of a new multifamily residential complex.
Chateau Group is the the project developer. GreenState Holdings, Inc., is listed as the project sponsor. San Marino-based Feng Xiao Architect Inc (FXA) is responsible for the designs.
126 New Avenue Site Plan via Feng Xiao Architect Inc (FXA)
Chateau Group has begun construction work after securing $15.5M loan in C-PACE financing. Named Whitmore Villas, the development will bring 63 townhomes, designed as two-bedroom and three-bedroom dwellings. The residences will range from 1,195 to 1,522 square feet in size. The residential complex will also feature parking for 166 vehicles.
The total cost of construction is estimated at $52 million. As mentioned on Bayview PACE’s website Commercial Property Assessed Clean Energy (C-PACE) is a financing tool that provides long-term, low-cost construction financing for new and existing buildings.
Renderings showcase 11 separate two-story buildings in the Spanish Colonial Revival style. Once completed, the residential complex will have a network of private streets, paseos, and green spaces.
Construction is expected to occur in two phases, with 23 units in the initial phase expected to be sold as condominiums.
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