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Venice Update

News of Venice, CA and Marina del Rey CA

VA Building 207 Renovation Costs Per Unit $528K, not $900K

The Venice Update ran an article the last week of October where it was reported that the remodeling figures for Veteran Affairs building 207 were over $900K per unit. Figures were based on an LACurbed article. Unit figures were incorrect but valid until explained this week.

What occurred was an additional $24 million that the City Council approved was added to the cost. At first Blake Coddington, spokesman for Thomas Safran Associates, stated that the money was to be divided amongst the three buildings. He later said it was strictly for building 207, which brought the unit figure back to $900K per unit. The $900K figure held.

Today Blake Coddington says the $24 million represents a city approval for a private bank (also called a bond issuer) to lend up to $24 million of construction proceeds to the project. No public funds. The $17 million figure for construction is a part of the $24 million, not in addition to.

Coddington says the figures for the renovation of Building 207 are as follows:

8 M from City
5.7 M from County
17 M of construction loan (which is a portion of the $24M)
1 M of tax credit investor equity

Totals 31,700,000 for a unit cost (60 units) of 528,333

The following figures are from the Housing Community Investment Department of Los Angeles (HCIDLA) report dated 20 August 2019 for retrofitting building 207. The staff report figures shown for building 207 are dated 19 August. The cost figures out to be $522,786 per unit for 60 units (It is now 59 units for vets and one managerial unit.).

Venice Update still does not understand why the City of LA is funding this project if this land is the property of the US Government or why they are using Measure HHH money for refurbishing a building.

Comments (2)

  1. Payola Venice

    Now, I can sleep at night knowing that only 528K of my tax dollars are being embesseled by these jerks.

  2. Sharp as razors... watch out now

    Is the state going to be leasing the site for any of the housing on federal property? I’m 100% behind her programs, and personally was involved and invested in helping see VA gardens program develop in early mid 90s as a teen…
    I want safe and productive housing and programs..
    I want to see that true code requisite are met on these sites just like I would need to comply for any sing installation over 8 feet even…
    Time to assure that the devision of state architecture is brought in to the conversation… cause boy oh boy habe we already made some huge lapses in liability….
    And y’all know I enjoy slashing open pockets like pinnatas and walking away as the money bleeds out..

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