Project Basics
Location
Los Angeles, CA
MSQUARED ROLE
Investment
NUMBER OF UNITS
48
PROJECT TYPE
Mixed-income, Mixed-Use
Project Details
Location
Los Angeles, CA
PROJECT TYPE
Mixed-income, Mixed-Use
MSQUARED ROLE
Investment
NUMBER OF UNITS
48
Project Overview
The Clark on 54th is a 48-unit mixed-income, mixed-use, transit-oriented development project in the Crenshaw neighborhood of Los Angeles, CA. The ground-up project is being developed by a joint venture between a women-owned development firm, Praxis Development, and a minority-owned firm, Regenaissance LLC, and will include 10 deeply affordable units for households earning up to 50% AMI. The project is a partner of Destination Crenshaw, a transformative initiative spurring revitalization along the historically African American corridor, and will include 2,100 square feet of retail space for locally-based, diverse businesses. The Clark is located less than a quarter mile from the recently opened Hyde Park station on the LA Metro K line.
Impact
Affordability
The Clark on 54th will deliver 10 units of deeply affordable housing units, affordable to households earning up to 50% of AMI.
Sustainability
The project will include energy-efficient appliances and electric vehicle charging stations. Only five minutes from the recently opened Hyde Park station on the LA Metro K Line, the transit-oriented project also helps to advance the City’s and LA Metro’s efforts to build 10,000 new homes near transit.
Diversity
The project sponsor is a joint venture between a minority-owned firm, Regenaissance LLC, and a women-owned development firm, Praxis Development. Regenaissance, a family-owned company whose principals grew up and lived in Crenshaw and who have owned the land since 1995. In collaboration with the ongoing Destination Crenshaw infrastructure initiative, locally based, diverse businesses will be focused on for leasing efforts of the project’s 2,100 square feet of retail space.
