There’s a lot left to do, but the end is in sight for the renovation of the Alexandria Hotel in downtown Los Angeles into affordable housing for area workers, with the project’s completion tentatively set for February 2008.
“The work is moving along well,” says Buxbaum Group chairman and CEO Paul Buxbaum. “We are rehabbing the building while tenants are living there, so we’re moving people around floor by floor to pave the way for the efforts of our crews. On the marketing side, our website is up and we are building a backlog of prospective tenants.”
Scott Rusczyk, vice president-business affairs for Buxbaum Group, notes that the hotel project already has made a big difference to the neighborhood. “Partly as a result of the work that’s being done at the Alexandria, the block has become a cleaner, safer and more pleasant place to be,” he says.
The historic 463-room hotel was acquired in August 2006 by Alexandria Housing Partners LP, a limited partnership of Buxbaum Group CEO Paul Buxbaum and Ruben Islas and Jules Arthur of The Amerland Group of San Diego. The approximate $30 million purchase was financed using tax-exempt bonds issued by the Community Redevelopment Agency of the City of Los Angeles. An additional $14 million is being spent on the building’s renovation.
The goal is to provide quality affordable housing for workers who aren’t able to pay the high market rents in Los Angeles. Upon completion, the building will include a business center, a community room and fitness center, and a restaurant that will offer tenants an affordably priced meal program.
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| View of one of the model apartments at The Alexandria, where rents will range from $600 to $700 per month. |
Households with incomes of 60% or less of the median income for Los Angeles County will be eligible for apartments in the Alexandria. The apartments are expected to rent for between $600 and $700 a month.
Response to the Alexandria renovation has been overwhelmingly positive, notes Buxbaum. The building is attracting better tenants, he says, and that is making existing tenants and neighbors of the formerly rundown hotel happy. “We are very pleased with how it is going,” he sums up.
In fact, Buxbaum reports that the partnership has been looking at a similar property nearby. “While it is too early to provide details, we are carefully evaluating the building to determine if it is something that will work for affordable housing,” he concludes.  |
