Prospectus for Car-Free Eco-Living in L.A. Eco-Village
PROSPECTUS FOR A MIXED USE CAR-FREE DEVELOPMENT
IN THE LOS ANGELES ECO-VILLAGE
CRSP closed escrow on October 7, 2016 on the quarter acre auto repair shop and Teriyaki House café property on the corner of First Street and Bimini Place (3554 & 3560 W. First St., LA 90004) on the north corner of the Los Angeles Eco-Village (LAEV) demonstration neighborhood in Koreatown. If the property is a brownfield, it will be ecologically remediated. It will then be redeveloped into a car-free environmentally sensitive mixed use cooperative, providing 20 permanently affordable cohousing units for up to 35 persons and 10 small green retail and commercial co-op spaces for very low to moderate income households and businesses, along with a wellness center, family childcare service and a small school emphasizing place-based learning for families and kids within walking distance. A number of interim uses might happen during the roughly five year planning, design, permitting and development process.
CRSP, founded 1980, is the primary development organization of the LAEV demonstration neighborhood. Our sister organizations—the Urban Soil/Tierra Urbana Limited Equity Housing Cooperative and the Beverly-Vermont Community Land Trust–now own 50 units of permanently affordable environmentally sensitive cooperative housing, adjacent to the new corner property.
CRSP is committed to reinventing how we live in the city by integrating the social, economic and ecological systems of the neighborhood to demonstrate higher quality living patterns at lower environmental impacts.
Through its public outreach activities, CRSP and the LAEV intentional community are continually expanding public awareness and providing resources to others who wish to engage in similar processes. In this rapidly gentrifying transit-rich neighborhood, also among the most population-dense in the nation, this project will demonstrate permanently affordable housing and decent local worker-owned jobs and services, in a community-rich setting, while joining the forward looking cities around the world that are creating car-free projects and districts.
In an era of intensifying climate change, bio-remediation of brownfields, demonstrates that the de-contamination of our cities can be accomplished without significant dependence on the “away” factor. This project will demonstrate how people and businesses can thrive while radically reducing our carbon footprints and the major sources of greenhouse gases.
CRSP made its offer on the quarter acre property on July 1, 2016, signed a purchase offer on July 8, 2016 with a 60 day escrow closing schedule. That closing date was extended to October 8, 2016. The current auto repair shop and small café closed down on September 1, 2016, as both business owners were retiring.
A Phase 1 Environmental report was completed by CRSP in August 2016, and it was determined that a Phase II ESA needed to be done to determine the extent of contamination. CRSP is extremely fortunate in that the US-EPA agreed to provide the Phase II ESA. The EPA’s contractor completed core drilling and air collection tests during this past week (4/19/17). We expect their comprehensive report to be complete by mid June 2017. At that time, we will know if any brownfield remediation is necessary. That remediation may begin as early as September 2017 as part of a planned Mushroom workshop with Radical Mycologist Peter McCoy. Plants and mushrooms are known to break down heavy metals and hydrocarbons. We project a three year remediation process. Construction might then possibly begin in January 2020 with occupancy set for Spring 2021.
The property address is 3554 W. First Street, Los Angeles 90004 and includes the auto repair shop at that address and the small café adjacent to it on the west with the address of 3560 W. First Street. Located in East Hollywood, north Koreatown and Wilshire Center, the property is two blocks south of the Vermont-Beverly Metro Station and six blocks north of the Wilshire-Vermont Metro Station. It is one block east of Vermont Avenue and within walking distance of 20 bus lines, 8 public schools, 5 supermarkets, a dozen churches/temples and 50 restaurants. It is within the following public jurisdictions:
– Rampart Village Neighborhood Council (currently David Rockello, RVNC President)
– City Council District 13 (currently Mitchell O’Farrell)
– LAUSD District 2 (currently Monica Garcia)
– County Supervisor District 2 (currently Mark Ridley Thomas)
– State Assembly District 53 (currently Miguel Santiago)
– State Senate District 24 (currently Kevin de Leon)
– Congressional District 31 (vacant till upcoming elections)
We believe all of the above public officials will be enthusiastic and will want to be associated with this and other similar projects in the LA area. Please let us know if you hear of their concerns. We have introduced the project concept to the RVNC Board, Councilman Mitch O’Farrell, and former Congressman Becerra in addition to Mayor Eric Garcetti, all of whom have expressed interest.
CRSP is a nonprofit 501.c.3 tax exempt corporation founded in 1980 and received its tax exempt status from the IRS in 1984. It is a resource center for small cooperative ecological communities and neighborhoods seeking to go sustainable. The two block LAEV demonstration neighborhood has been the primary project of CRSP since 1993.
The purchase price for the property was $1,139,000. The development cost is projected to be $9,000,000. The initial acquisition money was raised from our constituents with low interest loans and variable principal payback periods. These loans came into CRSP’s Ecological Revolving Loan Fund (ELF), so the property is owned outright. We continue to provide socially responsible loan opportunities from $5,000 to $100,000 for on-going pre-development expenses. We are paying 1.5% interest on loans of 6 months, 1 year, 18 months, 3 years, 5 years or more. Interest is paid out quarterly. Other amounts or arrangements can be negotiated.
NOTE OF INTEREST TO POTENTIAL LENDERS
All three LAEV multi-family buildings of permanently affordable housing have been acquired with loans to CRSP-ELF. Bank loans have been by-passed in favor of loans from constituents aligned with our values. CRSP has an excellent track record of timely interest and principal payments. Contact Lois for a list of current and past lenders. If you are considering a loan, please review our Ecological Revolving Loan (ELF) Info Sheet and our Sample Loan Agreement. You can also request a copy of our still early DRAFT Property Analysis, Purchase and Development Plan from Lois.
More info: Contact: Lois Arkin firstname.lastname@example.org 213/738-1254
This Prospectus originally published 7/13/16, updated 9/4/16