Construction is wrapping up for a 126-unit senior housing development at 10747 Magnolia Blvd. that plans to provide an array of artistic activities for its elderly residents.
"When the building is done, we'll have people start moving in," said John Huskey, CEO of Meta Housing Corporation, a developer of other senior housing projects in the Southland like the Burbank Senior Arts Colony.
All of the affordable housing units have already been leased out, but 98 market rate units are still available, according to Meta Housing Corporation.
The complex is open to seniors who are 62 years of age or older.
North Hollywood-based Road Theatre Company is opening a second location at the complex to put on shows for the public and to teach classes to the residents.
"This is a new community that will be filled with a passion for the arts, and with a passion for making this part of our residents’ lives the best part," Huskey said in a press release.
The $42 million colony has multiple investors, with the Community Redevelopment Agency contributing $7 million, according to its Web site, along with $25.2 million in tax-exempt bonds from the California Statewide Communities Development Authority, $2 million in tax credits and $3.4 million in developer equity and deferred fees.