Buy Now - part V

In the ongoing challenge to find affordable housing, the L.A.Family Housing organization - a non-profit housing advocacy group - recently made a deal with the MJW Investments, the real estate group in charge of the Sears redevelopment project here in Boyle Heights. The newsgroup www.garmentandcitizen.com has an article on the agreement, stating that:

"The overall plan for the 22-acre Sears site includes a total of 772 housing units, 680,000 square feet of retail space, and 85,000 square feet of office space.

MJW Investments is seeking some public subsidies for the project, a request that puts a premium on the inclusion of affordable housing, a common contribution in exchange for public money or other benefits for developers."

I'm curious to see the impact of this project on the community. Later on in the article, they report:

"People were complaining about the vagueness of the price ranges at the meeting—they didn’t give out any price ranges, even though people kept asking,” said Jose Aguilar, a Boyle Heights resident and member of the Project Advisory Committee for the Community Redevelopment Agency’s Adelante-Eastside area, which includes the Sears site. “We’re worried about gentrification, and being priced out of our own neighborhood.”

Information released by the developers after the community meeting said rates for the affordable rental units will range from $300 to $900 a month. The developers did not provide a price range for condominiums that are expected to be included as part of the affordable stock of units."

What I didn't know is that this same company, MJW Investments, was part of a redevelopment proposal for MTA property on Cesar Chavez and Soto, that never seemed to be approved. But if you follow their lead, then it is still time to buy now in Boyle Heights.