Developer To Kickstart Lincoln Place Apartment Redevelopment

The Venice complex is listed in the National Register of Historic Places.

The developer of the Lincoln Place apartment complex announced on Monday that it finalized its financing and will start remodeling more units.

The 35-acre property sits between Lake Street and Palms Boulevard on the east side of Lincoln Boulevard. The complex has remained mostly vacant since 1993, and Aimco, the developer, will finally begin remodeling after years of legal battles with the city. In May 2010, a settlement was reached with the evicted tenants that allowed 83 households to move back to their homes and add many below market-rate units.

“It is very gratifying that the Lincoln Place redevelopment is now underway. It has taken many years to arrive here,” Terry Considine, Aimco chairman and CEO, said in a statement. “More, it has taken the hard work of many, including officials of the city of Los Angeles, the HUD Los Angeles field office, and my Aimco teammates. I am delighted by our prospects,”

The post-World War II apartments were designed by architect Ralph Vaughn in the Garden City Movement, a style popular in the 1930s that aimed to combine aspects of rural life with the urban environment. The complex is listed on both state and national historical registries. 

In addition to restoring the 631 currently vacant homes located in 41 buildings, Aimco will construct another 13 new buildings in the next two years on vacant land, as well as a 5,000-square-foot leasing center and a 6,100-square-foot fitness center and pool. The builder estimates each unit will cost about $2,500 per month.

Aimco secured a $190 million loan from the U.S. Housing and Urban Development Department, the largest Federal Housing Authority unsubsidized loan ever issued by the agency, according to the developer. 

Earlier this year, the developer remodeled four buildings with 65 apartments, and 50 of the homes have been leased to returning tenants. Aimco expects construction of the entire complex to be completed by the end of 2014.

Middle Class Values October 17, 2012 at 11:16 AM
By the way Burned@thestake F-U too..............
burned@thestake October 17, 2012 at 08:59 PM
They're called terms of service - and the 1st amendment applies to the "Gov-ment" y'all... Not AOL/Patch - though it appears that you're they're target market/ideology - so I guess you've nothing to worry about. What do you know about anything? From what you've written so far, it appears, not much. So are you "working" for Mark Ryavec, or the Koch Brothers, or Chalie Munger Jr. then?
burned@thestake October 17, 2012 at 09:02 PM
So you've run through your string, of 'pearls of wisdom', and now we're back to the basics which drive you - HATE. Try and stay away from sharp objects, once you've lost every election this year. All of that outwardly directed violence and hate could turn around on you. You don't appear to have any conscience or shame - so I won't worry about a 'shame-spiral'.
Jim Smoot October 21, 2012 at 04:25 AM
Wow....well I remember my 3 years at Lincoln Place fondly. Friends would visit and complain about their apartments {mainly in Santa Monica} being tiny and quadruple the rent. We would have barbecues on the well-maintained tree-shaded lawns, walk to each others homes via the walkways and thank our lucky stars that, yes, there was a sense of 'neighborhood' and camaraderie, not because we were 'deadbeats' but because our front doorsteps didn't look out onto main roads or elitist McMansions. I now live in Mar Vista Hills which also seems like one of the last bastions of neighborhood but yes a lot of it is being bulldozed to make room for multi million dollar mansions surrounded by 3 inches of garden. If that's to be then I guess it's meant to be but I'm sure glad that Lincoln Place hung in there as there's more to quality of life than how many Escalades can fit into your subterranean garage.
michael mccoy January 07, 2013 at 08:33 AM
People, if you haven't noticed, OakWood section has become gentrified considerably. It has been happening for quite a while. Most of the West Side, has gone through a gentrification of sorts. So, really the developer got his wish. The existing units at Lincoln Place, will be at market rate rents. Development happens, despite what we say. Some places can be deemed historical,while others can not. Change is not always easy, for either side. Please, no negative comments warranted. Trying to have a dialogue here.


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