Kevin Ratner, Southern California development manager for ForestCity, tells that the company expects to begin buildingin the first quarter next year, with construction to be finished inabout 16 months. He says the project site is on 1.7 acres along11th Street between Flower and Hope Streets, about a block from theStaples sports venue.

The development will be called Metro Lofts, and about 70% of theapartments will be one-bedroom units and the rest two-bedroomapartments, according to Ratner. Rents are expected to range fromabout $1,600 to $2,300 per month for the market rate units. Ratnersays 20% of the units will be affordable apartments, based on theformula of 50% of area median income. Forest City includesaffordable apartments in its developments throughout the country,Ratner said: "We do it as a commitment to the community because wethink it is a good policy that benefits both the people and theproperty."

Forest City's financing for the development includes $53 millionin state bonds that the company secured through the California DebtLimit Allocation program, which provides low-interest financing forprojects that qualify.

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