The Los Angeles City Council has demonstrated its commitment to addressing the housing crisis and revitalizing underutilized land by approving a financing plan that could provide up to $45 million in multifamily housing revenue bonds for a proposed mixed-use project at 3300 Washington Boulevard. The project, proposed by Thomas Safran & Associates and approved in 2020, aims to transform the former oil drill site into a vibrant community hub.
The development envisions a four-story building featuring 84 rental apartments above
ground-floor retail space and parking. This mixed-income housing project will cater to a diverse range of residents, including those from low-income backgrounds. The inclusion of retail space will also contribute to the economic growth of the area by creating jobs and supporting local businesses.
The recent approval of the financing plan by the City Council is a significant milestone for the
project. It not only secures crucial funding but also highlights the city's dedication to investing in affordable housing initiatives and promoting environmental remediation.
While the project has received initial approval, it will undergo further review and approval
processes before construction can begin. Nevertheless, this recent development represents a positive step forward in addressing the housing shortage and creating a more inclusive and vibrant community in Arlington Heights.