Mariposa – The Affordability Factor

Posted on February 24, 2018

Mariposa: The Affordability Factor

LA-2

With rental rates on the rise, the affordability crisis is getting real in Los Angeles—but we are pioneering solutions.

You may remember that in August 2015 we purchased a 30,000 square foot lot in Koreatown, Los Angeles. The mixed-use project has broken ground and is currently being developed for 121 units above approximately 5,000 square feet of ground floor retail space. What you many not know is that the property will include 17 affordable housing units. These units have been incorporated into the business plan and still allow us to meet our pro forma rents.

Currently, Los Angeles is not meeting its affordable housing development goals and so we are happy to do our part to help the city remain an affordable place to live. Our plans for the affordable units for this project date back to its inception in 2015 and this year the State of California is realizing the need. The state has just passed a law to help.

The law, passed on January 1, 2018 may require Los Angeles developers and other cities to allocate 10 percent of planned units for affordable housing. The state hopes that the requirement will force cities to make it a little easier for developers to construct projects that include affordable units.

For the Mariposa project, we have naturally allocated just under 10 percent for affordable housing. That’s why Globe Street (www.GlobeSt.com) sat down with our CEO, Gidi Cohen, for an exclusive interview.

 

Read more: http://www.globest.com/sites/kelsimareeborland/2018/02/01/how-developers-can-make-affordable-housing-work/?kw=How%20Developers%20Can%20Make%20Affordable%20Housing%20Work&et=editorial&bu=REM&cn=20180202&src=EMC-Email&pt=California&slreturn=20180114121125

window-3042834_1280

More CGI+ News & Press

Gidi Cohen’s CGI+ plans 20 stories of apartments in Hollywood

Gidi Cohen’s CGI+ plans 20 stories of apartments in Hollywood

CGI+, the investment and development firm founded by Gidi Cohen, has filed updated plans for a major apartment complex in central Hollywood. The project would be located at 1830 North Cahuenga Boulevard, at the corner of Cahuenga and Franklin Avenue, a prime Hollywood location a few blocks north of the Hollywood Walk of Fame.

read more
Best Bosses | Here are Real Estate Forum’s picks for Best Bosses in 2023.

Best Bosses | Here are Real Estate Forum’s picks for Best Bosses in 2023.

The last year has not been easy for the head of a commercial real estate company. Inflation and the Fed’s response, as well as trends that emerged from the pandemic, have clearly had an impact on the industry across all of the sectors. Besides the effect of, say, ongoing remote work on the beleaguered office asset class or the slowing pace of rent increases in multifamily, these executives have also had to navigate an increasingly difficult capital markets environment. I have some bad news for this group: the near-term future doesn’t look any easier. Enter our selection of Best Bosses this year. This year’s picks were made at least in part based on their resiliency and ability to position their companies for future growth, whenever that might occur. We are confident these strengths will see them through what could be choppy waters ahead.

read more