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Thursday, September 29, 2016

City agency plans to inject $1 million more into renovation of Boyle Heights landmark *

The city council in late 2008 approved a $2 million loan to help save and renovate the 1889 landmark “Mariachi Hotel” that looms over the western edge of Mariachi Plaza in Boyle Heights. But the nonprofit – East LA Community Corp -that has proposed transforming the Victorian-style brick building once known as the Boyle Hotel into a 51-unit affordable housing project failed to win some state bond money. Now, those state bond funds have dried up. So, the City Council today is scheduled to vote * on a request by the city’s Community Redevelopment Agency to increase the loan to a total of $3 million. That’s still a small part of the estimated $21 million needed to complete the Boyle Hotel Apartments but it’s crucial in attracting other funds, said CRA project manager Josh Romer. Without increasing the CRA loan, the developer would have more trouble securing other funds, putting the project at First Street and Boyle Avenue in jeopardy. “They probably would have to go back to the drawing board,” Romer said.

* Update: The city council approved increasing the loan to $3 million.

Photo by LA Planning Department/The CityProject



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