The City Council, sitting as the Redevelopment Agency, has approved a conditional use permit and development plans for a 280-unit senior citizen apartment project on Florence Avenue, the third such project in the city.
The project, to be built east of Pioneer Avenue, will include two recreation centers, gardening areas, two spas and an exercise swimming pool. It is estimated that monthly rents will range from $525 for the one-bedroom units and $625 for two-bedroom units.
The council also approved bond financing for the project. The developer, Barratt Homes, asked the city to sell a multi-family rental Industrial Development Bond on behalf of its project.
Fred Latham, assistant city manager, said the bond is to be issued by the County of Los Angeles, although it has not been approved by the county yet. Bond financing requires that 20% of the units must be held for low- and moderate-income households for 10 years after 50% occupancy or half the life of the bond issue.