CRA Approves $5 Million Loan for Purchase of Hotel Rosslyn
Eric Richardson
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DOWNTOWN LOS ANGELES — SRO Housing Corporation's plan to buy the Hotel Rosslyn got a major boost today when the board of the Community Redevelopment Agency approved a $5 million acquisition loan for the project. The affordable housing developer has an agreement to purchase the 1924 structure for $12.1 million.
The non-profit is the third to have the building at the corner of 5th and Main in escrow over the past year. Previous plans by Common Ground and the Amerland Group, owners of the adjacent Rosslyn Lofts, failed to move forward.
According to the CRA board report, the Rosslyn project would have a $39 million total cost and create a building that meets LEED Silver certification. Rehab numbers are preliminary, though, and could change once SRO is able to take control of the building and conduct a more in-depth inspection.
Not included in today's action is any firm commitment on what affordability mix or supportive services would be in the building after renovation. The board report says that "SRO Housing's objective is to qualify and retain as many current households as possible under the new financing structure and long term covenant restrictions," and that final plans can not be made until existing tenants are surveyed to determine income levels. The project must come back to CRA for approval before any construction starts.
Additional acquisition funding will come via $6.6 million from the New Generation Fund, a $100-million affordable housing fund set up by the City of Los Angeles, and $500,000 from the Corporation for Supportive Housing.
Guest on April 15, 2010, at 05:30PM – #1
So if I'm a resident there, how much warning will I have before I need to move and will they help with the relocation?
Guest on April 15, 2010, at 06:48PM – #2
Can someone explain to me what the building is now? I don't think it's a "hotel" in the traditional sense. I'm not sure how SRO differs from it's current status? Any info would be appreciated.
Eric Richardson (@blogdowntown) on April 15, 2010, at 06:53PM – #3
Guest 1: There's no rush. It could be up to three years before a renovation actually starts. In the meantime, things will stay as they are. More realistically, it's maybe a year to two years out. A relocation assistance plan would be put in place for any residents displaced.
Guest 2: Currently the building just offers very small residential units with no income rules, etc. The deal with SRO Housing would put affordability covenants in place that would be tied to income. How much it differs from now remains to be seen.
Hala Pickford (@misspickford) on April 15, 2010, at 08:33PM – #4
This seems like a very bad idea. Take a jaunt near Main and 5th to see why. That area (near Pershing Square) could go either ghetto or revitalized right now...and this is aiming for ghetto. That's a shame as I'd like to see it go the OTHER way...
And its such a lovely building too. Why couldn't something that would revitalize the area go there? More scary drug users and crazed homeless=bad idea.
Guest on April 15, 2010, at 10:13PM – #5
First they try to force developers to put low income in market rate buildings because they believe there's too much market rate in a particular neighborhood. Now they put too much low income in one area. This is outrageous!! What the h*ll is wrong with this city!!! No wonder its going bankrupt!
I'm all for low income housing, but yet ANOTHER SRO in this neighborhood??!? We need more market rate in this neighborhood and less impoverished housing. Put it somewhere else!
What can we do to stop this!! Do we need to file a lawsuit? Whose feathers do we need to ruffle?
Guest on April 16, 2010, at 11:49AM – #6
Hala,
If you don't like downtown, don't come here. I moved into the rosslyn apts specifically because it's cheap and not as gentrified as spring and anything west of that. I like low prices for my food/clothing, etc. I'm a student/full time employee, not a drug user, but a lot of people who live in the rosslyn are on fixed income, ssi, elderly, mentally impaired, etc. They have to live somewhere and it's been a great building for the time that I've lived there, not many problems at all. 5th/Main is fine as is and I hope the historic core never gets "revitalized" like the vapid, consumerist, strip mall junkheap that is LA Live.
Jamie DeFrisco on April 16, 2010, at 12:49PM – #7
I agree with Guest who posted #6.
First of all the Rosslyn Hotel is currently housing low income folks, most of which can't afford to live elsewhere and are just trying to get by without living on the streets. Turning the building into a market rate building, would mean kicking these people to curb, with nowhere else to go. It's not only inhumane, but it will increase amount of homeless on the street.
Secondly there's plenty of market rate housing in the area: San Fernando, Hellman, Continental, Medallion, SB Main, SB Manhattan, SB Spring, SB Tower, SB Lofts, Rowan, Security, Santa Fe, PE, Main Mercantile, and more. Those are just most of the buildings surrounding Rosslyn.
My problem with SRO housing is that it's not really cheap. You're looking at about $700-$800 for a 200-300 Square foot room. I wonder how affordable it really is for those on fixed incomes.
In general there really isn't any middle ground in downtown. You either have $1200+ lofts or you have to be low income.
Hala Pickford (@misspickford) on April 16, 2010, at 05:34PM – #8
I'm with #5. #6 I like the area, and I think I have a right to come there and not be harassed by men either way mentally out of their gourd or high on something. Once near that aforementioned 5th and Main one drugged out man came right up to me, and I mean right in my face (not the usual panhandling), and started following me. I've walked Downtown from 7th and Fig to 9th and Los Angeles and everything in between, but that is perhaps one of my more freaky incidents. I like The Alexandria but I will no longer go past it even if I'm going to Cole's.
As for my case in point I cite that story about the shooting today near that area. I'm not advocating kicking anyone out, I'm just more with Jamie in saying there's enough of it.
LA has high rent. I'm a poor starving artist myself, and not the 'rich hipster with daddy paying' kind either so I know what you mean. But while there are us good poor eggs in there, there are way too many bad ones at the moment. I want more cleaning up (not gentrification, just not being chased by drugged out scary people while walking in the streets), and more market rate.
In fact if that were to happen it would actually be BENEFICIAL to the aforementioned elderly and students you mentioned. I'd hate to imagine being a poor little old lady trying to walk from say 5th and Flower to 5th and Los Angeles. If I were a little old lady downtown I'd just stay shut up in my apartment in that case...
Guest on April 16, 2010, at 06:53PM – #9
I believe the Rosslyn Apts ARE a market rate hotel at the moment with some sort of rent control/SRO deal for others, are they not? Or maybe you pay a maximum if you don't need assistance?
I understand Hala's point about safety. It is hard being a girl in the city, my female friends do get harassed, hopefully the purple patrol will continue to make their presence felt on main and los angeles.
When I see/hear of those people trying to talk to someone, it looks to me like they're just trying to be accepted. Not that it excuses their behavior, but most of them aren't predators, they've just been rejected by loved ones/society for a large part of their life. Poverty has many ills.
The nicer the neighborhood, the more expensive it's going to be. That's gentrification.
Guest on April 19, 2010, at 11:56AM – #10
I am a gainfully employed 30-something former resident of the Rosslyn. When I left it was for a job opportunity in another city, or else I would still be there. It was a wonderful place to live, very lively, and there was only one person that would ask me for money, always the same guy. Its a mix of young artist types and older folks on fixed incomes. I LOVED living there and miss it. I still go back to visit some friends there (all fixed income regulars) and I wish the current mix could remain as is. Affordable housing (I work in the industry) should apply to everyone, not just the homeless or formerly homeless. Plenty of younger working people (like me) need affordable housing, too.
As for the neighborhood, I used to walk my dog late at night and although my dog walking uniform was sweats and a big jacket and I always had pepper spray-I never had to use it and was never harassed. Having right attitude helps-if you walk around fearful you will be victimized.