HOUSING IMPACT PARTNERS THRIVES AT THE INTERSECTION OF CITIES, COMMUNITIES, PLACES AND PEOPLE
Housing Impact Partners is cultivating impact through the acquisition and development of affordable and workforce housing portfolios structured for institutional and private equity investment in concert with community and legacy ownership. The HIP team is faithfully "in the lab" working to structure portfolios and to foster advocacy to implement the core elements of our impact strategy.
The essence of our ethos is to serve as a purveyor of equitable opportunities for small and historically overlooked business enterprises curated from each of our core, core plus and development implementations.
Value add naturally occurring workforce and affordable housing preservation acquisitions of early 20th century historic and landmark apartment houses and apartment hotels constructed in iconic architectural designs such as Art Deco, Beaux-Arts and Neoclassical
Los Angeles neighborhood defining, classic, bungalow, craftsman and Spanish revival core plus naturally occurring workforce and affordable housing preservation acquisitions
Ready-to-Issue (RTI) permit and design-build workforce and affordable housing acquisition and development properties or equity participation offerings
Acquisition of single and multifamily housing to preserve and link affordable housing and services for unhoused and special needs stakeholders.
In partnership with leading developers, platforms and institutions, HIP is curating awareness and access to debt and equity capital as well as providing deal structuring technical assistance to emerging platforms and developers.
“If not us, then who? If not now, then when?”
– Representative John Lewis
01/15
With spectacular views of the San Francisco Bay from the famed Hunters Point community, Palmilia by the Bay is entitled for 178 mixed-income mixed-use rental units with 19,805 square feet of neighborhood retail and community facility space and 46 units of homeownership condominiums. There are two underground levels of parking on levels 2 and 3 totaling 131,655 sq.ft. The project totals 2.76 acres, or 120,320 sq. ft. The large retail space has two main entrances: one by the entry plaza fronting Donahue Street and the other one by the car drop-off and garage entrance located by the corner of Donahue and Hudson, including a loading zone and a commercial elevator.
Palmilia by the Bay is designed to incorporate sustainable building systems at all levels. A comprehensive strategy to incorporate environmental standards that will enhance the building’s lifespan while also creating an enduring place for people is an important metric of success. The project will balance environmental innovation with community good and sound financial sense. It will conform to City and County of San Francisco Green Building Ordinance meeting or exceeding minimum Greenpoint Rating or LEED Silver requirements.
The project has Ready-to-Issue (RTI) Permits.
The property was purchased from Lennar in 2018 by the Palmilia by the Bay, LLC partnership led by Tabernacle/Amanco Developers, LLC (TAD/AMANCO) a joint venture between Tabernacle Affiliated Developers, LLC (TAD) and Amanco Development Associates, LLC (Amanco). TAD is a subsidiary of Tabernacle Community Development Corporation.
TAD/AMANCO, co-managed by Dr. James McCray, Jr. and Herman Blackmon, partnered with Forbix Ventures and Housing Impact Partners to lead the investment, financing and development strategy. Nardi Associates, LLP is the principal architect.
In the late 1990s, in an effort to even better serve the community, San Francisco’s Mayor, the Honorable Willie L. Brown, Jr. called together five of San Francisco’s most prominent African American ministers and asked them to join forces to address community economic development.
As a result, Tabernacle Community Development Corporation was incorporated in 2001 and on January 14, 2002 was granted tax-exempt status becoming a 501c-3 organization. Today TCDC is located in San Francisco’s Bayview Hunters Point neighborhood and the five original founders serve on the Board of Directors along with other professionals.
The Letty is a Ready-to-Issue (RTI) permit new construction mixed-use mixed-income 40-unit seven story multi-family housing and retail development being built at 4920 W. Pico Boulevard @ Highland in the Mid-City community of Los Angeles. The project features 23 one-bedroom one-bath and 17 two-bedroom two-bath very spacious units. The project will feature a 1,446 sf retail space on the ground floor and a 2,000 sf commercial space on the second floor which will be owner occupied by project developer Dr. Aman Abye's Stay Ready Physical Therapy practice. The project also features a roof top deck with panoramic views of the city.
Density bonuses and additional floor height were awarded to the project as part of its Transit Oriented Communities (TOC) approval by the City of Los Angeles Planning Department in exchange for providing 4 dedicated housing units for residents @ or below 30% of the Area Median Income (AMI). No additional permits or approvals are required to commence construction.
The project development team includes AUX Architecture as the architect and Urban Design Center in partnership with Pantheon Development as the development advisors. Housing Equity Partners (HIP) is working in partnership with the development team to structure the proforma analysis scenarios, source investment equity and structure mezzanine financing, if needed. Dr. Abye and his development team are working to value engineer the construction pricing in advance of making the final contractor selection. Construction is scheduled to commence in May-June 2024 with completion by February 2026.
FEATURES AND AMENITIES
LEGACY
Dr. Abye is developing 4920 Pico Boulevard @ Highland in honor of his late wife, Letty. The development will provide quality housing for lower-income residents and the “missing middle”. Dr. Abye understands that mental and physical health and wellness are essential to thrive as a community. His development of the Letty will provide an opportunity to take all his life’s passions and put them together in one place. To accent the operation of his physical therapy practice, the ground floor storefront commercial space will be made available for another health-oriented venture to add value to this community development project.
STAY READY
In 2006, Dr. Abye founded Stay Ready Physical Therapy and opened his first private practice manual therapy clinic in the Miracle Mile area of Los Angeles specializes in the comprehensive evaluations and treatment of orthopedic pathologies of the musculoskeletal system. Over the next 18 years, Dr. Abye would grow this company to what it is today: four clinics across the greater Los Angeles area, with 50+ employees and thousands of satisfied clients. Dr. Abye is working to open additional clinics in Inglewood and South LA as well as The Letty.
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