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.