With the exception of three manager’s units, the apartments would be reserved for qualifying households at the low-, very low-, and extremely low-income levels, including families and seniors. That translates to individuals earning between $24,850 and $66,250 per year, with monthly rents expected to range from $363 to $2,036 per month after discounting utilities.
KFA Architecture is designing the proposed apartment complex, revealed in a presentation given in September to the Glendale Design Review Board, which would consist of three five-story buildings clad in stucco, fiber cement panels, and thin brick veneer. Plans calls for more than 30,000 square feet of open space across the new buildings, including courtyards, community gardens, rooftop decks, and children’s play areas. Additionally, the project is expected to include the conversion of an existing cul-de-sac on Kenilworth Avenue into a pedestrian paseo. That new open space would be accompanied by improvements to an existing tunnel beneath the SR-134 freeway leading to Fremont Park, where the developers would build a new plaza.
LINC and National Core expect to finance through a variety of state and local sources, including a roughly $22-million contribution from the City of Glendale (inclusive of a $12.4-million land loan), $74.4 million in tax credit equity, and $35 million in multifamily housing revenue bonds. The total estimated cost of the development is $143 million, translating to a per-unit price tag of just over $421,000.
Under the agreement between the city and the developers, construction of the apartment complex could commence as early as next year, with a completion date targeted for Summer 2024.