Metro Joint Development and Affordable Housing

Los Angeles County Metropolitan Transportation Authority

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Completed Affordable Housing projects Under Construction/In Negotiation Affordable Housing projects

Affordable Housing Projects Map

Metro seeks from TOD/Joint Development

• Reduced auto use/Increased transit use

• Density, but consistent with surrounding neighborhood

• Mix of uses linked to transit

• Upgrades to/Completion of Metro facilities

• Strong neighborhood and inter-modal link

• Pedestrian orientation

• Enhanced transit patron experience

• Long-term ground lease (typically)

• Fair market return

• Sustainable development

Hollywood/Vine Apartments

• Line: Metro Red Line • Site: 2.4 acres of Metro-

owned property • Development:

– 297 market rate apartments

– 78 affordable apartments – 28,000 sq. ft. of ground

floor retail − New bus layover facility

• Status: Complete • Completion: 2009 • Developer: Legacy Partners

Hollywood/Western Apartments

• Line: Metro Red Line • Site: 2.6 acres (1.5 Metro-

owned) • Development:

– 120 affordable apartments – 9,000 sq. ft. of ground

floor retail − 4,000 sq. ft. Childcare

Facility • Status: Complete • Completion: 2004 • Developer: McCormack

Baron Salazar

Westlake/McArthur Park

• Line: Metro Red/Purple Line

• Site: 2.8 acres Metro-owned property

• Development:

– 90 affordable apartments

– 20,000 sq. ft. retail

− 100 transit parking spaces

• Status: Complete

• Completion: 2012

• Developer: McCormack Baron Salazar

Wilshire/Vermont Apartments

• Line: Metro Red/Purple Lines

• Site: 3.2 acres of Metro-owned property

• Development:

– 359 market rate apartments

– 90 affordable apartments

– 36,000 square feet of ground floor retail

• Status: Complete

• Completed: 2007

• Developer: Urban Partners

Grand Central Market Apartments

• Line: Metro Red/Purple Line

• Site: 1.95 acres of privately owned property

• Development:

– 60 market rate apartments

– 61 affordable apartments

– Theater, Retail

• Status: Complete

• Completion: 1995

• Developer: Grand Central Square Limited Partnership

1st/Boyle Apartments

• Line: Metro Gold Line

• Site: 1. 5 acres Metro-owned property

• Development:

– 1 market rate apartment

– 79 affordable apartments

– 4,000 sq. ft. retail

• Status: In Negotiation

• Developer: McCormack Baron Salazar

1st/Lorena Apartments

• Line: Metro Gold Line

• Site: 0.7 acre Metro-owned property

• Development:

– 25 market rate apartments

– 24 affordable apartments

– 5,000 sq. ft. retail

• Status: In Negotiation

• Developer: A Community of Friends

Del Mar Station Apartments

• Line: Metro Gold Line

• Site: 3.6 acres privately-owned property

• Development:

– 326 market rate apartments

– 21 affordable apartments

– 11,000 sq. ft. retail

– 600 transit parking spaces

• Status: Complete

• Completion: 2007

• Developer: Urban Partners

One Santa Fe Apartments

• Line: Metro Red/Purple Line Rail Yard

• Site: 4.0 acres of Metro-owned property

• Development:

– 350 market rate apartments

– 88 affordable apartments

– 44,000 sq. ft. retail

– 35,000 sq. ft. other uses

• Status: Complete

• Completion: The McGregor Company

Taylor Yards Apartments

• Line: Metrolink

Lot 1 • Site: 1.9 Metro-owned property • Development:

– 1 market rate apartment – 86 affordable apartments

• Status: In construction • Developer: McCormack Baron Salazar

Lot 3 • Site: 1.5 Metro-owned property • Development:

– 1 market rate apartment – 67 affordable apartments

• Status: Complete • Developer: McCormack Baron Salazar Lot 5 • Site: 2.5 Metro-owned property • Development:

– 108 affordable apartments – 28,400 sq. ft. retail

• Status: In Negotiation • Developer: McCormack Baron Salazar

1 3

5

Total Affordable Housing

Completed Projects Affordable

Housing Units Market Rate Housing

Units Hollywood/Vine Hotel 0 143 Hollywood/Vine Apartments 78 297 Hollywood/Western Apartments 120 0 Westlake/McArthur Park Phase A 90 0 Wilshire/Vermont Apartments 90 359 Wilshire/Western Apartments 0 186 Grand Central Market Apartments** 61 60 Del Mar Apartments** 21 326 One Santa Fe Apartments 88 350

Total Completed Units 548 1721

In Construction/In Negotiation Projects 1st/Boyle Apartments 80 0 1st/Lorena Apartments 24 25 Taylor Yard Apartments Lot 1 87 0 Taylor Yard Apartments Lot 3 68 0 Taylor Yard Apartments Lot 4 0 41 Taylor Yard Condos Lot 5 Mixed Use 108 0

Total in Negotiation Units 367 66

Total Housing Units 915 1787 Percentage 34% 66%

** Not on Metro-owned land

Additional Projects Under Review

• Vermont and Santa Monica – Under Negotiation

• Taylor Yards Parcel 5 • 1st and Soto – Selection Process • Mariachi Plaza - Selection Process • Chavez and Soto – Selection Process • Sepulveda Orange Line – RFP Preparation • North Hollywood – RFIQ Preparation

November 2014 Motion on Affordable Housing

• Motion requires report back on potential for:

– Inventory of completed and potential sites

– MOU with local jurisdictions

– Portfolio goal of 30% affordability

– JD policy amendment to allow land discounts

– Contributing to TOAH fund

– Establishing TAP bulk program for housing

• Amendments further request reports on:

– Cap and Trade funding opportunities

– Costs of potential actions

– Embedding TAP program costs in development cost

Report Back in February Examines…

• MOU with cities

– Would need to be tailored to accommodate varied needs of different cities, includes “co investment provision”

• Land Discounts for Affordable Housing

– Based on the need to maintain affordable housing near transit as areas around transit become more desirable

– Weighted with impact of lost ground lease revenue

• Source and impact of a potential TOAH Fund

– Eligible sources extremely limited

– Structure of the fund could be designed to streamline approval process

Report Back in February Examines…

• TAP program for housing

– Would allow a group rate for TAP cards purchased for an entire housing project

– Could have the potential for expansion to other projects

– Impacts on fare box revenue must be considered

• Cap & Trade

– Potential new funding source for affordable housing projects

– Opportunities to partner with cities and developers and promote First / Last Mile goals

Questions?