LOS ANGELES, CA / ACCESSWIRE / June 10, 2018 / WS Communities, the managing partner had moved from New York to Los Angeles 3 years ago. He had already been able to purchase a car. The reason to purchase the car was that in Los Angeles there was car-centric and that made him buy before getting a house so that to be able to go around the vast area. If he was to move like today, the first thing he would look for was where to live and the next thing is where he will be working.
His reversal has shown how Los Angeles has changed in growing attitude. This is because investors and the developers are busy to cater residents for a new generation. If an expert is asked he will say that it is a transit-oriented development. Developers are creating residentials near metro stations and bus stops. The managing partner at WS Communities, is not left behind and he is among the developers working on 11 multifamily projects. The number of affordable housing will be 450 throughout Los Angeles and have already applied for a program according to Planning Department in Los Angeles.
TOC is the program that provides incentives to the developers so that they can be able to create affordable housing for mixed-income. The program will also help in building sustainable so that the residents of Los Angeles can wake in affordable and more safer homes, be able to catch a train nearby so that they can reach where they are going on time. The mayor had said in a news release after the program had been announced last fall.
The program came and will be able to hire local workers so that they can help in the construction of the projects. They will be provided with high pay and in an exchange, there will be 20% of the units that are in the new project which will provide affordable housing. There will also be development incentives. It will be an advantage for the developers who have projects that are within half-mile in a radius of the rail station to take incentives like being able to increase the density. The floor-to-area ration will be an advantage to provide certain housing levels that can be affordable to people earning a low income, very low or that have extremely low tenants. TOC program will be tiered, meaning that the closer that a new project will be transiting stop, there will be a higher level of the incentives. The program is very beneficial.
WS Communities will be actively seeking to acquire property which will be able to fit into both tier 3 and 4 categories. These are projects that are close to the transit stops. The program will be able to reduce risks and uncertainties so that it can encourage more housing. In the county of Los Angeles, bus ridership and metro rail declined by 15% which is 397.5 million trips that are over in the last five years. Ridership that is on the bus system has also fallen by 21% from 2013 and it was a reason why they stopped riding train or bus. So when real estate is developed that will be within walking distance to get public transport, the communities will develop vibrantly, livable and sustainable. It is a win-win for community and developers
WS Communities is a real estate development firm that specializes in the acquisition, entitlement, and development of multifamily and mixed-use properties in Southern California. WS Communities' projects include luxury and affordable residential units with ground floor retail and office spaces located in Santa Monica and Los Angeles, California.
SCOTT WALTER – CEO & PRESIDENT
Scott Walter is an 18-year real estate development and investment veteran and was previously responsible for acquisitions and development at NMS Properties, Inc, as their Executive Vice President. Prior to joining NMS, Mr. Walter spent 11 years with Legacy Partners Residential, Inc. as Vice President of Development & Acquisitions, where he led the acquisition and development of all communities in the Southern California, Nevada, and Arizona markets, and was responsible for all facets of residential operations, acquisitions, development, construction and property management. Before his tenure at Legacy Partners Residential, Inc., Mr. Walter was an Associate with Curtis-Rosenthal, Inc., a real estate consulting and appraisal firm. Mr. Walter holds a Bachelor of Arts degree with an emphasis in Real Estate and Finance from Loyola Marymount University and is a member of the Urban Land Institute (ULI) and the National Multifamily Housing Council (NMHC).
News at WS Communities
SOURCE: WS Communities