IRVINE, CA - Award-winning KTGY Group, Inc., Architecture and Planning, is pleased to announce that construction has commenced on Pottery Court Apartment Homes in Lake Elsinore, Calif., a new high-quality, pedestrian-oriented apartment community, located just two blocks from Lake Elsinore's historic downtown Main Street. Developed by BRIDGE Housing Corporation, a leading nonprofit developer of affordable homes in California, and designed by KTGY, the new residential community offers 113 thoughtfully-planned dwellings ranging in size from one- to three-bedroom units for working families earning between 30 and 50 percent of the area median income. The new 4.4-acre development will cost about $26 million, with the city's Redevelopment Agency contributing about $9.7 million. Pottery Court is expected to be completed by April 2012.
Source: Monaghan Communications
Constructed in elegant early California Mission style, eight wood-frame residential buildings will feature tuck-under parking garages and green building techniques such as energy-efficient appliances, cool roofs, low-e windows and drought-resistant landscaping. Pottery Court will feature a single-story community building with a study room, a great room for parties, a music practice room, a full kitchen, a pool, barbecues and outdoor play areas.
Pottery Court will include 20 one-bedroom apartments 48 two-bedroom apartments and 45 three-bedroom apartments. The apartments will be affordable to families earning between 30 and 50 percent of the area's median income, approximately $13,650 for a single-person household to $32,500 for a four-person household. The one-, two-, and three-bedroom units will range from 671 to 1,096 square feet with monthly rents expected to range from approximately $316 to $761, depending on the apartment size and household income.
"Pottery Court provides a positive example to the community of quality, affordable housing and is a stepping stone for family advancement," said Cynthia A. Parker, president and CEO of BRIDGE Housing. "Affordable homes integrated with services give residents more opportunities to increase their education, build skills for better jobs, and plan for homeownership. Children can have more stability in their lives and do better in school."
Located at 300 N. Riley Street, between N. Langstaff Street and N. Riley Street, the site is close to core amenities, such as schools and grocery stores as well as restaurants, vintage shops and the lake. Previously, the development site consisted of 23 parcels of vacant, underutilized land.
"Not just here, but in this state, affordable housing is very much in need," said KTGY's Principal Chris Texter, AIA, LEED AP. "There are not enough places available for the firefighters, the teachers and the dining-room restaurant servers of the community to live. Affordable housing communities are a more viable opportunity for residential development in this economy.
"In addition to below market rents, Pottery Court's sustainable design and close proximity to public transportation, jobs, services and education further increase affordability for residents who have few affordable housing options, especially for larger families," Texter added.
This is the first development in Lake Elsinore by BRIDGE Housing, which has participated in the development of more than 13,000 homes in California since its founding in 1983. A groundbreaking ceremony was held on April 19, 2011.
Financing for Pottery Court is provided by Redevelopment Agency of the City of Lake Elsinore, City of Lake Elsinore, County of Riverside, Wells Fargo Community Lending and Investment and the California Community Reinvestment Corp. Wermers Multi-Family Corporation of San Diego, Calif., is the general contractor.
Applications are not yet available, but prospective applicants may call 951.326.8030 or visit www.bridgehousing.com/Pottery-Court to be placed on an interest list.
About BRIDGE Housing
BRIDGE Housing Corporation, a leading nonprofit developer of affordable housing, creates and manages a range of high-quality, affordable homes for working families and seniors. Since it was founded in 1983, BRIDGE has participated in the development of over 13,000 homes serving more than 35,000 Californians. BRIDGE maintains offices in San Francisco, San Diego, and Los Angeles and Orange counties. For more information, visit www.bridgehousing.com.
About KTGY Group, Inc.
Established in 1991, KTGY Group, Inc., Architecture and Planning, provides comprehensive planning and award-winning architectural design services for residential communities, retail, hospitality, mixed-use and related specialty developments. KTGY delivers innovative solutions that reflect clear understanding of development, marketing and financial performance and takes particular pride in its highly motivated and principal led studios. Serving clients worldwide, KTGY maintains offices in Irvine, Oakland and Santa Monica, Calif., Denver, Colo., and Tysons Corner, Va. See www.ktgy.com.