LOS ANGELES--(BUSINESS WIRE)--Sep 6, 2018--Developer MP Los Angeles is pleased to announce that it has partnered with Menorah Housing Foundation, a local non-profit, to manage the affordable senior units within the proposed Hollywood Center development. The proposed $1 billion, 4.5-acre project, located at Hollywood and Vine streets, will offer one of the largest complements of on-site affordable housing within a market-rate development in the history of the City. Hollywood Center will be built on land currently used as surface parking lots adjacent to the Capitol Records Building.

Established in 1969 as a non-sectarian, non-profit 501(c)(3) corporation, Menorah Housing Foundation develops and manages affordable senior apartments serving income-eligible persons age 62 or older who earn no greater than 50 percent of the Area Median Income. Menorah Housing Foundation has developed and manages 1,221 apartments in 18 buildings geographically dispersed throughout Los Angeles County, and is one of the largest operators of affordable senior housing in Southern California. Menorah will oversee leasing, management and day-to-day operations of Hollywood Center’s affordable units designated for very low-income and extremely low-income seniors.

“We are thankful for the opportunity to partner with MP Los Angeles on this important project,” said Anne Friedrich, president of Menorah Housing Foundation. “Senior housing is a critical issue not only for Hollywood, but for all of Los Angeles, with the demand greatly overwhelming the supply. This project offers a thoughtfully designed community for rent burdened seniors to stay in the neighborhood they know and love.”

Hollywood Center’s partnership with Menorah Housing Foundation responds to the growing calls for housing designated for low-income seniors. A recent fact sheet from Dr. Steven P. Wallace of the UCLA Center for Health Policy Research reveals that more than three quarters of low-income older California tenants are rent burdened. Utilizing data from 2016, Dr. Wallace’s report concludes that 58 percent of Los Angeles County seniors aged 65 and older are severely rent burdened, which is defined as housing costs that exceed 50 percent of the family’s pretax income. According to the Los Angeles Homeless Services Authority (LAHSA), compared to 2017, Los Angeles saw a 22 percent increase in homeless people aged 62 and older, while all other age groups saw a slight decrease.

“Our partnership with Menorah Housing directly addresses the needs of our future senior residents,” said Mario Palumbo, managing partner, MP Los Angeles. “The experience Menorah has in Hollywood and the expertise they bring such as onsite social services and programs for at-risk seniors will be an invaluable addition to the project as a whole.”

Hollywood Center is a response to the groundswell of positive measures enacted by voters and elected officials to identify and address the aspirations of the Hollywood community and Los Angeles more broadly. The passage of Measure JJJ signaled the City’s two-pronged approach to the housing crisis – encouraging the development of on-site affordable housing and promoting density near transit.

Hollywood Center will significantly enhance its immediate neighborhood, while allowing older adults in Hollywood to remain close and engaged with various senior services and world-renowned medical facilities including St. Barnabas Senior Center, Hollywood Presbyterian Medical Center, and Southern California Hospital at Hollywood.

In recent years, Hollywood has become an increasingly popular option for those seeking to live in a walkable and engaging community. Hollywood Center’s contingent of on-site affordable senior housing units will help ensure that this walkable, lively community remains affordable to all age levels.

“Menorah Housing Foundation has a proven track record in senior housing management throughout Southern California and will bring their knowledge and expertise to Hollywood Center’s thoughtfully designed and critically needed affordable senior housing component,” said Brandi J. Orton, MSG; Director, Government Relations & Advocacy, St. Barnabas Senior Services, and Managing Director, Los Angeles Aging Advocacy Coalition. “This new development will be a welcome new resource for the older adults of Hollywood and a gold standard example of on-site affordable housing development.”

Hollywood Center is expected to begin construction in 2021. Information related to the development and eventual future availability of the affordable senior housing units will be available by contacting Menorah Housing Foundation’s information line at (310) 321-4046. For more information on Hollywood Center, please visit: http://hollywoodctr.com/

View source version on businesswire.com:https://www.businesswire.com/news/home/20180906005192/en/

CONTACT: Glodow Nead Communications

Jeff Nead, Lauren Jennings, Erin Wickman, Angela Wong, or Rosemary O’Brien, 213-226-6934

MPLosAngeles@glodownead.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SENIORS CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE CONSUMER

SOURCE: MP Los Angeles

Copyright Business Wire 2018.

PUB: 09/06/2018 09:00 AM/DISC: 09/06/2018 09:01 AM

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