Vermont Corridor
Project Description:
Vermont Corridor is a $450+ million project incorporating seven County-owned parcels spanning three city blocks of the Koreatown area within the City of Los Angeles. The project area involves three separate sites, each with a unique development scenario. A master developer was selected under a single contract award to deliver the obligations from each of the three site developers.
Project Innovations:
- Vermont Corridor is the first use of the single solicitation P3 procurement process by the County of Los Angeles
- Vermont Corridor is the most significant integration of County assets in a single development project since the demise of redevelopment
- Vermont Corridor is the most significant use of a County facility developed under buy-right, adaptive reuse building initiatives
- Intelligent integration of County assets enables the development of affordable housing in an area otherwise constricted by cost
Project Purpose:
Vermont Corridor will expedite the elimination of government caused blight along two City blocks, replace greatly deteriorated County facilities, reduce County costs of operations, deliver much needed community services to the area and provide new revenue sources for the County.
Project Scope:
Total project cost to be in excess of $450 million. Three project sites, each with a unique and severable disposition strategy:
Site Map
Site 1
500,000 sq. ft., 14 level office tower constructed atop an 8 level parking podium will house 2,156 employees for the Department of Mental Health (DMH). The proposed new construction will replace the deteriorated County owned parking structure and provide 1,600 parking spaces for the facility.
Site 2
180,,000 sq. ft., 12 level residential tower to provide 182 units of new market-rate housing. Construction involves the adaptive reuse of the existing DMH headquarters (550 South Vermont Avenue). This mixed use development will be self-parked with a new, on-site parking structure. A participation ground lease unlocks the value of this parcel to allow the County substantial rent revenue.
Site 3
40,000 sq. ft., 4 level mixed used with subterranean parking. New construction of 72 units of affordable senior housing will incorporate a 12,550 square foot Community Center.
Alhambra Gateway
Project Description:
Alhambra Gateway is a $50M build to suit project located in the City of Alhambra for the Community Development Commission of the County of Los Angeles. A public finance developer was contracted to provide 63-20 lease revenue bond and procure a private developer through private procurement.
Project Innovations:
- First use of single-solicitation P3 contract process in State of California
- First use of 63-20 revenue stream tax-exempt bond in the State of California
Project Purpose:
Consolidate five Community Development Commission and Housing Authority satellite offices into one central administrative headquarters. The project eliminated operational inefficiencies, provided site ownership and Agency savings.
Project Scope:
Develop a 120,000 sq. ft. LEED Silver facility in the City of Alhambra to house approximately 550 employees
MLK Jr. Community Hospital
Medical Office Building
Project Description:
The Martin Luther King Jr. (MLK) Medical Office Building (MOB) is a 50,000 sq. ft. facility located on the Martin Luther King Jr. Medical Center Campus in Willowbrook, CA. The MOB will be consistent with the MLK Master Plan.
Project Innovations:
Affordable Care Act incorporated into the underwriting of credit risk for potential tenants and sub-tenants.
Project Purpose:
Provide MLK Jr. Community Hospital with a facility to fill the void for planned and existing inpatient and outpatient services.
Project Scope:
Completed multi-phase solicitation for developer services in order to negotiate and execute a long – term ground lease with selected developer. Initiate the first of a phased development to deliver supportive healthcare services.
