At an average cost of $531,373 per unit – with many apartments costing more than $600,000 each – building costs of many of the homeless units will exceed the median sale price of a market-rate condominium. In the city of Los Angeles, the median price for a condo is $546,000, and a single-family home in Los Angeles County has a median price of $627,690, the study states.
So what exactly do you get for $600,000? Curb LA let's you know:
Developed by Clifford Beers Housing and American Family Housing and designed by Lorcan O’Herlihy Architects, the complex will have 54 one-bedroom units each constructed out of three modular containers. They will be “stacked and arranged into 16 towers” connected by walkways with communal rooms and two commercial spaces reserved for local businesses. The complex will be topped with rooftop terraces and gardens . . . Designed to serve as a central hub for street fairs, farmers markets, and entertainment, Annenberg Paseo will be planted with vines and Camphor and California bay laurel trees to provide shade and buffer and filter pollution from the freeway.
The cost for this will be $34M for 54 one-bedroom units. That comes out to just under $630K per unit. Rooftop terraces and gardens? This sounds like a nicer apartment complex than where I live. And what are the possibilities that the non-homeless will gather in these homeless apartment complexes for street fairs, farmers markets, and entertainment? I say, unlikely. And two commercial spaces? I know Starbucks has this open policy regarding their bathrooms, but would they really want to open a store at this location? A barbershop? A 7-Eleven?
Here's what I'm thinking: Los Angeles spending so much money on these complexes, because if this homeless experiment fails they can sell the properties off as either condos or apartments.
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