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 is in the process of acquiring a quarter acre auto repair shop property on the corner of First Street and Bimini Place (3554 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.
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 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 has now been extended to October 8, 2016. The current auto repair shop and small café closed down on September 1, 2016, as both business owners and the property owner are retiring. A Phase 1 Environmental report has been completed, and we are evaluating whether a Phase II study will be required. If so, a potential Phase II report is projected to be complete by October 30, 2016. At that time, we will know if any brownfield remediation is necessary. That remediation may begin as early as December 2016 with plants, mushrooms, possibly sound and any other organic methods for remediating toxics on site. We project a three year remediation process. Construction could then 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, 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 (currently Xavier Becerra)
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 Congressman Becerra, all of whom have expressed interest.
CRSP is a nonprofit 501.c.3 tax exempt corporation founded in 1980. 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 for the past 25 years.
The purchase price for the property is $1,139,000. The development cost is projected to be $9,000,000. With $1 million already committed to CRSP’s Ecological Revolving Loan Fund (ELF), we are still seeking loans from $5,000 to $100,000 for the initial purchase and 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 balloon 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 very early DRAFT Property Analysis, Purchase and Development Plan from Lois.
More info: Contact: Lois Arkin email@example.com 213/738-1254
This Prospectus originally published 7/13/16, updated 9/4/16