Imagine Village II is in the process of converting from its construction to its permanent operations phase. To do this, we spend a tremendous amount of time with paperwork and financials as the entire deal is underwritten by each of our financing partners. This should be completed in early January. Our other projects in operation are continuing to function well and our residents are stabilizing and with the help of Housing Services they continue to move forward.
Things are looking different in North Hills. Abbey Road started construction on The Rigby! The first part of that is demolition of the existing structures. Please see the attached short video clip for any of you that are interested in the process. We will be holding our Groundbreaking this Thursday, December 5th at 10am for those of you who can make it over to check out the site, please join us!
We are hard at work trying to assemble the last of the financing needed to start construction of The Main project, which will be next door to The Rigby. We hope that we will be able to begin construction by the end of 2025 but that depends on whether we are awarded tax credits, which are our major funding source.
Abbey Road will be working on quite a few application funding rounds in the next few months for our Pasadena TAY project, The Starr, and hopefully for the large family/TAY development we are working on in Downey.
The Starr- Abbey Road entered escrow on a 52 unit TAY project in Pasadena. We are about to begin our funding cycles with the City of Pasadena and the County. Those will be followed by state sources and then tax credits. The site is two blocks north of Pasadena City College and close to the gold line so it is a great location for TAY housing.
Downey Site- Abbey Road is excited to be working with the Episcopal church on an Exclusive Negotiating Agreement for a site in Downey. The church will remain on the site and we plan to split their lot and build large family and TAY housing on roughly half of the current parcel. Once we enter into the agreement we will begin the entitlement phase and begin designing the project.
We are excited by these new projects and we continue to look for our next new developments in walkable neighborhoods with close by amenities.
-Maura Johnson, Abbey Road
