The Agency completed abatement, demolition and grading of the 3 acre Ventura and & 7th site in mid-April following award of the bid in November 2010. The Agency and City are working to revitalize a 3.42 acre block on the south side of Ventura Street between Seventh and Eighth Streets generally consisting of the city owned former FUSD site and an Agency-owned parcel at the corner of Seventh and Ventura Streets.
The Agency and City are working with Amcal on predevelopment tasks including a plan amendment; and, identification of funding sources. AMCAL’s conceptual proposal consists of between 60 to 90 units of senior affordable rental housing and commercial/retail. The preliminary pro-forma anticipates contribution of the site valued at about $725,000 and about $6.7 million coupled with state housing tax credits. The developer plans to apply for tax credits in the March 2012 cycle.