We are thrilled to share significant progress on LA Más' first potential community housing project—"Arvia"—located on Arvia Street in Cypress Park. This project marks a monumental step towards preserving affordable housing and maintaining the cultural fabric of our community.
A historic opportunity
Last month, we entered escrow to pursue the acquisition of a 5-unit complex that has been a cornerstone of the Cypress Park community for over 60 years. The property, which was identified during a Clockshop community art walk, has long been more than just a place to live; it has served as a cultural hub and gathering spot for local residents.
Community roots and support
The "Arvia" property has been home to residents who have lived there for between 5 to 20 years, deeply rooted in the community. During the art walk, one of our board members discussed our housing initiatives, which sparked interest among residents and local artists alike. One such artist, who lives at Arvia, highlighted the property's significance during the event. The residents have expressed a strong desire to remain in their homes, and we're committed to making that happen.
A collaborative effort
We are pleased to announce our partnership with Self-Help Ventures Fund, a non-profit bank and developer, that has committed to financing the purchase and partnering with LA Más to ensure the long-term affordability and stability of the Arvia property. This collaboration is a critical component of our vision to keep the current residents in place and maintain affordable rents.
We are also collaborating with Office of: Office, a minority and women-led architecture, urban planning, and policy non-profit organization, to explore the possibility of adding a new ADU (Accessory Dwelling Unit) on the property. Their expertise in resident-directed development and community resources is invaluable as we evaluate this option.
Additionally, Sammy Lyon, a real estate broker and project manager known for their socially conscious approach to residential and commercial projects in Los Angeles, has been instrumental in guiding us through the escrow process, ensuring that everything proceeds smoothly.
We are in discussions with a few other partners and we look forward to sharing more exciting news.
Looking ahead
As we enter another month of due diligence, we are hopeful that this project will be a success. If everything goes as planned, the Arvia property will be jointly owned by LA Más and Self-Help Ventures Fund. This acquisition will mark a significant milestone in our mission to provide affordable and stable community housing in Northeast LA.
Thank you for your continued support and enthusiasm. Please keep your fingers crossed for us as we work towards this important goal!