Partner was hired to complete a Tax Credit Physical Needs Assessment (PNA) for the California Tax Credit Allocation Committee (CTCAC) – LIHTC, along with a Green Report, on a historic hotel in Los Angeles.
This 14-story, 156,000 SF property was constructed in 1924 using unreinforced masonry construction (URM). The property was originally developed as a hotel with approximately 600-700 rooms but was reconfigured throughout the years.
In January of 2017, the property officially closed for renovations and reconfiguration. The client indicated that almost everything was removed to the point where only the barebones and studs were remaining. With all brand-new systems and surfaces, the property plans to reopen with approximately 300 150 SF hotel rooms and 301 affordable residential living units. The new residential units will be a loft style studio with a sink, cooktop, and mini fridge. They will also have their own separate entrances.
In accordance with the CTCAC LIHTC scope of work, Partner completed the 15-year replacement reserve tables on a tight time frame, so the client could obtain financing from the Los Angeles County under their No Place Like Home (NPLH) application cycle.
Partner’s sister company, Partner Energy is also currently assisting with an energy audit, required as part of the sustainability requirements for CTCAC funding. The planed renovation scope of work is projected to improve energy efficiency at the site by close to 50%.