Redevelopment officials this week decided to move ahead with the city's largest residential redevelopment venture, a project that would nearly triple the city's stock of senior apartments and create dozens of affordable townhomes.
The $45-million project would include the construction of 272 condominium units, 212 senior apartments and 38,000 square feet of retail commercial space. At least 20% of the units would be priced for low- and moderate-income households, Assistant City Manager Dave Caretto said. The development would be located at the southeast corner of Rosemead and Washington boulevards.
At its Tuesday meeting, the Redevelopment Agency voted unanimously to authorize city staff to draw up an agreement between the city and Braemar/TRF, a Southern California firm.
Caretto praised the project for serving both the need for affordable housing and an acute shortage of apartments for senior citizens. More than 20% of the residents in this city of 59,000 are 62 or older, said Bill Shannon, the city's community development director.
"Our senior housing facilities have substantial waiting lists of over a year," Caretto said. "The 212 units will be absorbed very quickly."
There are two senior housing complexes in the city, both built more than 10 years ago with federal assistance.
The Redevelopment Agency initially would contribute as much as $7.8 million to help finance construction of the project, but the developer eventually would refund 43% of the amount. The city money would come from its low- and moderate-income housing fund, which can be used only in projects that increase the number of affordable homes. The city currently has about $10 million in this fund, Caretto said.
The city and the developer still must iron out some details of the tentative agreement, including the building design. The city plans to draw up the formal contract within 60 days, then hold a public hearing before the plan goes to the City Council for final approval. Completion of the project is three to four years away, Caretto said.
The development would occupy a 13-acre site that is currently a hodgepodge of vacant lots interspersed between a handful of businesses and three of the city's older motels. The new construction also will require the demolition of 13 homes, some of which have been owned and occupied by the same residents for more than a decade.
