The upscale city of Calabasas is getting its first-ever “affordable-housing” project – a 75-unit apartment complex for seniors that is being built in historic Old Town.
An official groundbreaking will be held today for Canyon Creek, which is being built by Thomas Safran & Associates at 4803 El Canon Ave. Completion is slated for fall 2011.
“As soon as I saw this location, I said it was perfect for senior housing,” company President Tom Safran said Tuesday. “There are so many wonderful amenities here.
The three-story complex will be within walking distance of the Calabasas Commons shopping area, the weekly farmers market and the Motion Picture Home. It will feature a gym, community activities room and an underground parking garage.
Monthly rents for the one-bedroom units will range from $416 to $882, well below $1,400 average paid in the affluent city.
Tenants must be at least 62 and earn no more than $34,800 annually for an individual or $39,780 for a couple.
Anticipating strong demand for the units, Safran has scheduled a lottery for next May 11. Potential tenants can add their names to an interest list by calling 818-685-9971 or visiting www.CanyonCreekCalabasas.com.
Maureen Tamuri, the city’s director of community development, said the Safran project should demonstrate that an affordable housing complex can complement a city known for its high-priced real estate.
“We are very happy,” Tamuri said. “There is a demonstrated need for housing like this. The Safran Canyon Creek project will fill a hole that exists.”
The $21 million cost of the project will be offset, in part, by grants and tax credits from city, county, state and federal governments. The developer is also getting about $1 million from Calabasas’ affordable housing trust fund – the first allocation since the fund was established in 1998.
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