STANTON : Council to Consider Developer Switch
Plans to switch developers of a proposed seniors apartment complex will be considered tonight in a joint session of the City Council and the Stanton Redevelopment Agency.
A new development agreement has been prepared by the city, and if approved, Beverly Hills-based Jan Development Co. will assume the responsibilities of the original developer, Newport Pacific Development Co., to build the 335-unit Park Stanton Seniors Apartment project at Beach Boulevard and Katella Avenue.
The City Council approved the concept for the complex in January. The low-cost apartments were the first part of a three-phase, $61-million project that could eventually include a new City Hall, a recreation center and a large commercial development.
The go-ahead for the first phase hinged on the issuance of a $17.75-million state housing bond to buy the land from the city and to pay Newport Pacific to build the complex, according to Greg Beaubien, assistant city manager.
The state approved the bond in August, and the developer was given until Nov. 17 to put together financing for the bond issue.
When it appeared the financing might not materialize, Jan Development began negotiations with the city as an alternate developer, according to Beaubien.
The new agreement with Jan Development is “essentially the same” as the agreement approved for Newport Pacific, said City Manager Terry Matz.
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