The Elysian Valley Riverfront Creative Campus is an example of The Pinyon Group’s committment to innovative, contextual, and positively-impactful mixed-use, mixed income development.
The Project was the first mixed-use, mixed-income development completed along the revitalizing Los Angeles River, and seamlessly integrates new construction with the adaptive reuse of two existing warehouses built in the 1930s and 1940s, which have been utilized as restaurant, retail, and office space for community-based organizations and local businesses. 40 live/work units, 20% of which were set aside as affordable (<50% and <80% AMI units). A mix of studios and three-bedroom units provide space for local artists and artisans as well as families.
The high-profile development involved the assemblage of multiple parcels in several off-market transactions—and a highly-sensitive entitlement process that involved extensive community and political engagement.
The project featured a local hiring program that included outreach to local small and disadvantaged businesses which resulted in the creation of 135 local construction jobs (111 “quality” paying living wages and benefits; 76 “accessible” to low-income) and 29 local permanent jobs (all considered “quality” and 13 “accessible”).
The land acquisition and entitlement phase was funded with a combination of private investors, GP co-invest, and a pre-development loan from Genesis LA. The “vertical” phase of project was financed in its entirety using the Federal New Markets Tax Credit program, with tax-credit allocations provided by Genesis LA and JPMorgan Chase. JPMorgan Chase also served as the tax-credit equity investor. Boston Private Bank & Trust provided the leveraged loan.
