META HOUSING CORPORATION BREAKS GROUND ON $32 MILLION ARTS-FOCUSED AFFORDABLE FAMILY APARTMENT...

META HOUSING CORPORATION BREAKS GROUND ON $32 MILLION ARTS-FOCUSED AFFORDABLE FAMILY APARTMENT COMMUNITY IN GLENDALE

LOS ANGELES, Calif., – February 24, 2015 – (RealEstateRama) — Meta Housing Corporation has broken ground on the Glendale Arts Colony, a new, 70-unit, arts-focused, affordable housing development for families in Los Angeles County. The new, $32 million development will integrate a series of arts elements, and is the fifth “arts colony” project that Meta Housing has developed, according to Kasey Burke, President of Meta Housing Corporation.

“This development will help to meet the increasing need for affordable housing in the Los Angeles area, while providing much more than just a quality place to live,” explains Burke. “In addition, the project provides Meta Housing with the opportunity to combine everything that we do well, including public/private partnerships, affordable housing, and arts integration.”

The development of this project is the result of a partnership between Meta Housing Corporation, the City of Glendale, the YMCA of Glendale, and Western Community Housing, Inc. The site is being developed as part of the existing 2.2-acre YMCA campus.

“By working with these strong partners, we will be able to create an environment that serves as a catalyst for revitalization and future development, and expands the footprint of Glendale’s growing Arts & Entertainment District,” Burke says.

The Glendale Arts Colony will feature a full-scale professional level art gallery space for exhibits, performances, and other creative programming.

Chris Maffris, a Senior Vice President with Meta Housing, says, “The gallery will be the heart of the Glendale Arts Colony development, providing a platform for the residents to connect, collaborate, and create with each other and with the larger community.”

Financing for the project was provided by Bank of America, the City of Glendale, and Greystone Servicing Corporation, Inc.

“We’ve completed thirteen projects with Meta Housing and they continue to be a long-time strategic partner developing quality affordable housing throughout California,” said Senior Vice President, Community Development Banking, Charmaine Atherton with Bank of America. “By providing the construction financing and equity for Glendale Arts Colony, we are continuing to put affordable housing within reach of low-income residents and improve Los Angeles’ overall economic vitality.”

The Glendale Arts Colony will be located on a 54,000 square-foot YMCA-owned site and is planned to reach five stories high. The apartment community is planned to feature 8,430 square feet of community space, including a sculpture garden, a digital media lab, an “idea lab” in which residents can participate in a variety of creative activities, as well as a series of outdoor artist work decks.

According to Meta Housing’s Chris Maffris, “By drawing upon the positive impacts of the arts on overall health and integrating these elements throughout our communities, we are able to enrich the lives of our residents by creating environments that encourage life-long learning, wellness, and creativity.”

In addition to its arts-focused amenities, the property will feature outdoor spaces for residents to further interact, including a tot lot, community garden, and barbeque area.
The project is located at 121 N. Kenwood Street in Glendale, California, and will incorporate a mix of one-, two-, and three-bedroom floor plans. The community will be built to LEED Sliver certification standards.

The Glendale Arts Colony is among seven projects Meta Housing Corporation currently has in development. The company also has nine other projects in the pre-development phase.

About Meta Housing Corporation
Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 6,000 residential units. Additional information is available at www.metahousing.com.

Contact:
Lexi Astfalk/Jenn Quader
Brower, Miller & Cole

(949) 955-7940

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