LONG BEACH, CA-A 200-unit senior citizens complex is now open for leasing here. The $70-million Long Beach Senior Arts Colony is designed to deliver what’s termed “a completely artistic environment” for its residents.
Meta Housing Corp. is behind the new multifamily, which requires all residents to be age 55 and over and is designed as affordable housing. The building is currently 95% leased and 85% occupied, but still has a few units left.
“Development of today’s senior housing requires a completely different approach than that of generations past,” said John Huskey, president of Meta Housing Corp., in a prepared statement. “Americans are living longer, healthier lives, and are in need of housing that will provide new opportunities to increase longevity and sustain good health.”
Meta Housing Corp. has also developed the Burbank Senior Artists Colony, a 141-unit multifamily completed in 2006, and the North Hollywood Senior Arts Colony, a 126-unit apartment community completed late last year. All of the projects draw upon research suggesting the arts can positively impact the health of older individuals.
The Long Beach Senior Arts Colony’s on-site amenities include an art gallery, a 99-seat performance theater, working arts and dance studios, and a digital media room and grand piano salon. On-site arts classes are offered at no cost to residents, conducted by the non-profit EngAGE.
In addition to its arts-focused amenities, the property provides over 15,000 square feet of community space, including a fitness room, yoga/meditation room, computer room, game room, dog park, community gardens, outdoor spa, and outdoor BBQ and seating area with a fireplace. The project is located along the Long Beach light rail line and several bus stops.
Meta partnered with Century Housing Corp. on the development. Century is the managing general partner for the project and provided the acquisition financing for the development site. The Long Beach city and state governments also provided construction and permanent financing to the project. California provided a loan through Prop 1C Infill Infrastructure Grant and Transit Oriented Development programs.
The project was financed with 9% and 4% tax credits that were purchased by Wells Fargo Bank and tax exempts bonds that were purchased by Wells Fargo Bank and California Community Reinvestment Corp.
As previously reported by GlobeSt.com, a new program from the US Dept. of Housing and Urban Development is aimed at reducing processing time for affordable housing.