The Community Redevelopment Agency has entered into a 90-day exclusive right to negotiate for the development of a $23-million, 200-unit rental housing project on the south side of 9th Street between Grand Avenue and Olive Street in downtown's South Park area.
The agreement is with the limited partnership of Lowy Development Corp., Coast Fed Properties and the Bedford Group.
The developers' proposal was one of several submitted. It would require a $4.2-million loan from the agency. As part of the agreement, 15% of the units would be reserved for low- and moderate-income residents.
Ground breaking is expected to be held early next year, making occupancy a possibility in 1989. The proposed project would bring the total of new residential units in South Park to more than 850 units.