Workshop Recap: Century's The Beacon on "How We Got It Built"
On Tuesday, May 18th, SCANPH convened for a new recurring webinar series in which a SCANPH developer member presents one project in 30 minutes to share lessons learned from its unique path to completion. Our second session highlighted the Beacon by Century Affordable Development. The Beacon is located at the gateway of downtown Long Beach and offers 38 units for formerly homeless and/or disabled veterans, 61 units for formerly homeless seniors, and 59 units for low-income seniors. The property is thoughtfully designed to lead tenants back to their own paths of betterment, self-reliance, and individual success with wrap-around social services. Panelists Brian D'Andrea, Paige O’Donnell and Oscar Alvarado guided webinar attendees through their development journey, including project challenges and building awards.
The property serves as the Northern gateway to Downtown Long Beach and was selected as the recipient of SCANPH’s 2020 Multifamily Development of the Year award. The Beacon is LEED Gold certified and transit-oriented, located across from two neighboring metro stations. The property includes two buildings that house residents, Beacon Place, consisting of 39 units to serve homeless and disabled veterans, and Beacon Pointe, with 121 units serving homeless and very low income seniors. Both buildings received multilayered funding sources, including TCAC Federal Low Income Housing Tax Credits. Additionally, residents at both properties pay just 30% of their monthly income.
The Century team experienced several obstacles throughout the development process. Century had to divide the project into three construction contracts for the three buildings on the property; Beacon Place, Beacon Pointe and the garage. As a result, the buildings had different project start dates. Century’s team was surprised when contractors found an underground storage tank 5 weeks into construction. Luckily, there were no leakage issues and the team faced minimal delay. To obtain VHHP project funding, Century was required by the Disabled Veteran Business Enterprise to hire qualifying subcontractors. Century was able to surpass the percentage requirement for veteran contractors. Despite minor project hurdles, the Beacon has lasting impacts on the community of Long Beach; reducing homelessness, creating new community assets and positive economic impacts, and contributing to more than $1.5 million in annual rent savings.