Community-based developers and Councilman Marqueece Harris-Dawson Bring long-awaited mixed-use project to Vermont and Manchester
Bridge Housing Corporation and 8th District Councilman Marqueece Harris-Dawson have broken ground and are diligently working towards bringing two much-needed and highly anticipated affordable housing developments to a 4-acre site left decimated for over 30 years following the civil unrest of 1992.
According to the description, Evermont will be “a mixed-use development consisting of affordable housing, retail, and schooling, and is only one example of how Primestor uses real estate to address community needs and support under-resourced communities in Los Angeles.”
In addition to Primestor, Bridge Housing is bringing two affordable housing developments, which are currently under construction, to the site – Luminus @ Evermont and Vista @ Evermont, that are expected to be completed in October 2024.
“Evermont includes affordable and permanent supportive housing with the services people need to thrive,” said Ken Lombard, president, and CEO of Bridge Housing.
“In keeping with our mission, Evermont goes beyond housing to provide retail, transit, educational opportunities, and jobs. We’re proud to collaborate on this innovative development to strengthen this neighborhood for generations.”
The Evermont Development broke ground in Spring 2022 and was made possible, thanks in part, to a series of investments and loans from JPMorgan Chase.
The firm provided:
- $92 million in construction financing for two affordable housing developments.
- $64 million in Low Income Housing Tax Credit (LIHTC) equity for the housing projects.
- $11.5 million in New Markets Tax Credit (NMTC) equity for the construction of retail and workforce development space at Evermont.
- $20.5 million in NMTC equity for SEED LA, a school facility adjacent to Evermont and a part of the overall Transit Priority Joint Development project.
- $15 million senior direct loan for SEED LA.
The Evermont Development will consist of a condominium development with two housing projects, and a commercial component with community-serving retail. The project will also include a new job training and innovation center, a public plaza and METRO transit hub.
The housing projects will provide a total of 176 units including 118 units of affordable housing for residents at 30-to-60 percent of the area median income, along with four units for staff.
Vista@Evermont contains 60 permanent supportive housing units reserved for seniors experiencing homelessness, and/or mental illness, while Luminus@Evermont includes the remaining 116 units reserved for low-income families, homeless households and/or transition-aged youth, which covers ages 18 to 24.
For more information on Evermont, visit evermontsouthla.com. To learn more about Councilman Marqueece Harris-Dawson, follow him on Instagram @ mhdcd8 or visit the CD8 website at https://mhdcd8.com/.