Housing Development as Revenue Generator

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BUENA PARK, CA—Collaborators on a combination market-rate and affordable residential project under construction here tell GlobeSt.com exclusively that CRE should take note of how residential projects can invigorate local economies. As GlobeSt.com reported last week, the joint-venture project, which recently broke ground, combines the development of market-rate  for-sale residential community the Parker Collection by City Ventures and affordable rental-housing community Clark Commons by Jamboree Housing Corp. simultaneously on the same 10-acre site that was originally purchased by the City for its revitalization initiative before the demise of its redevelopment agency in early 2012. We spoke with Laura Archuleta, president of Jamboree; Ryan Aeh, VP of land acquisitions for City Ventures; and Scott Riordan, economic development manager for the City of Buena Park, about the project and what it means for commercial real estate development in the area.