Mayor Villaraigosa Joins Aimco Officials to Break Ground on the
$140 Million Rehabilitation of Lincoln Place:
LOS ANGELES, Nov. 16, 2012 /PRNewswire/ -- Los Angeles Mayor Antonio Villaraigosa and
L.A. City Councilmember Bill Rosendahl joined representatives from
Apartment Investment and Management Company (Aimco), the Department
of Housing and Urban Development, The Los Angeles Conservancy, and
leaders of business and labor groups at a ceremony yesterday
morning to launch the $140 million
redevelopment of Lincoln Place. The new Lincoln Place is
expected to bring 600-800 jobs, economic development, and premier
apartment living to the Venice neighborhood in Los Angeles.
(Photo: http://photos.prnewswire.com/prnh/20121116/LA15357)
(Logo:
http://photos.prnewswire.com/prnh/20120417/LA89203LOGO)
"We are delighted to share this historic day with so many key
partners who have worked with Aimco over the years to make a major
investment in this community. We have preserved the
architectural character of the property while simultaneously
implementing sustainable measures to make the new Lincoln Place an
attractive, modern choice in apartment living," said Aimco Chief
Administrative Officer Miles
Cortez. "With its close proximity to LA's Central
Business District, the Los Angeles
International Airport, as well as Venice
Beach and the Santa Monica Pier, Lincoln Place offers
residents a perfect location. The project will meet the high
demand for housing in West Los
Angeles, and return Lincoln Place and the businesses around
it to a thriving and vibrant community."
"I congratulate Aimco on the launch of the Lincoln Place
redevelopment, a project we have worked hard to make a reality,"
said Mayor Villaraigosa. "The City's priorities of job
creation, sustainable living, historic preservation, and economic
development are reflected in the plans to revitalize Lincoln
Place. We worked together with Aimco, preservationists, and
the community to arrive at a solution that is good for Venice,
Los Angeles and the thousands of
residents, businesses, and neighbors that will benefit from a
rejuvenated Lincoln Place."
"It has been a long road for many of us to this ground breaking
today. I am thrilled to celebrate this great achievement,"
said City Councilmember Bill Rosendahl. "While the future of
Lincoln Place was once controversial, we are all together now and
eager to bring a new vitality to our area. Lincoln Place is
destined to become a model of how best to create modern,
sustainable apartment living while preserving the community that
means so much to Venice residents. I am honored to have played a
role in making this project come to life."
The Lincoln Place redevelopment includes the rehabilitation of
45 buildings with 696 apartment homes and the construction of 99
new apartments on vacant parcels. Phase One of the project
was completed in April, 2012 with the redevelopment of four
buildings and 65 apartments for returning residents.
The property, listed on the national and California registers of historic places, was
originally constructed between 1949 and 1951; the redevelopment
will be done in accordance with the Secretary of Interiors
Standards for the Treatment of Historic Properties. The
project also will feature sustainable measures to reduce existing
energy and water usage by more than 30 percent. Modern
amenities at the new Lincoln Place will include a 6,100 foot
fitness center with state-of-the-art exercise equipment, a rooftop
deck with spectacular views, an outdoor pool equipped with speakers
for underwater music, and four poolside cabanas.
The property's exterior upgrades will include extensive
landscape and site improvements with the addition of 200 new trees,
an open park area with a fire pit and picnic spots, and the
conversion of Elkgrove Circle into a large central park and
community gathering place. The full redevelopment is
slated for completion at the end of 2014.
SOURCE Aimco