STANTON : Senior Housing Project Delayed

Developers of a planned affordable senior housing project on Katella Avenue have delayed the start of construction until January because of continued problems in securing financing.

The city this week granted Jan Development Co. an extension until Jan. 30 to begin building the Park Stanton Place senior apartments, a redevelopment project that was slated to begin construction by June 30.

The action was the third extension for the 330-unit project. Work was originally set to begin by Dec. 31, 1991.

Jan Development blamed the difficulties in getting the project underway on the recession, which has similarly affected other real estate and development projects.

“This same difficulty in obtaining financing has delayed a very high percentage of redevelopment projects . . . since the onset of the recession,” a redevelopment consultant wrote in a letter to the city. “The situation facing Jan Development Co. has been commonplace for the last two years.”

Jan Development has already spent several million dollars on the project and has applied for a federal mortgage guarantee that could help in financing, as well as pursuing other sources of credit, according to the developer and city officials.

The firm has already received planning approvals and has honored its $1.5-million financial obligation to the Stanton Redevelopment Agency, city officials said.