LONG BEACH, CA-Institutional urban development investorCityView and the Los Angeles-based Kor Group plan to debut a new 82-unit transit-oriented development of lofts and townhomes called Blu on Saturday this week. The new project, designed as work force housing and priced in the range of $300,000 to $400,000, is at 350 Long Beach Blvd. in the city’s East Village Arts District.

The new development is adjacent to the Blue Line Metro Station, with quick access to the 710 Freeway. Blu units include single-level and two-level townhomes, live/work lofts and penthouses of up to three bedrooms and two baths, ranging from 1,047 square feet to 1,638 square feet.

Blu is an example of Los Angeles-based CityView’s mission to finance “New Urbanism” communities, according to Henry Cisneros, CityView’s executive chairman and former HUD secretary in the administration of former president Bill Clinton. Cisneros says that the CityView goal is to create reasonably priced communities near employment, amenities and transportation centers. He notes that Blu is offering a 3.5% FHA down payment program.

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