Are you a senior housing investor or developer looking for a new development opportunity on the West Coast? Look no further: On behalf of the El Segundo Unified School District (ESUSD), Public Private Ventures has issued a request for proposals to redevelop a 5.32 acre site in El Segundo, Calif., for senior housing.
The school district is looking to ground lease a 5.32-acre former elementary school site located at 540 E. Imperial Avenue in El Segundo for the development of a 300-unit senior housing community.
Built in 1956, the former Imperial Avenue Elementary School campus closed in 1975 due to declining enrollment. It was declared Surplus Property by ESUSD in 1979, and in 1984 was used as an employee training facility for the Hughes Aircraft Company. The building was used for various other purposes in subsequent years, until the ESUSD Board of Education established a Surplus Property Committee in 2007 to determine what should be done wtih the site.
In 2009, the District began the process to entitle the site for development—including the option of a senior housing community. The site is fully entitled for 150 units of senior apartments and 150 units of assisted living. There is a 15% set aside requirement for low-, very low-, and extremely low-income qualified senior households.
The site can be developed with a senior housing community and a multi-family residential (R-3) component.
Objectives of the ESUSD include preserving ownership to the El Segundo School site, providing “much needed” senior housing, and achieving LEED certification.
For more information on the site itself, the development opportunity, the transaction structure, and submission format for RFPs, click here. The registration form can be accessed here.
Proposals must be submitted by 2:00 p.m. on March 1, 2013 to:
The Superintendent’s Office
641 Sheldon Street
El Segundo, California 90245.
A bidder’s conference will be held on Friday, December 14, 2012 at 10:00 a.m. PST at the District Board Room located at 641 Sheldon Street, El Segundo, CA 90245.
For a complete copy of the RFP for this exciting project, please go to www.marventures.net/esusd540. If you have questions, please contact [email protected] or call 213-291-4083.
This post was sponsored by Public Private Ventures.
