Metro to ground lease Expo/Crenshaw site for affordable housing
Los Angeles County Metro Transit AuthorityPublic Authority · Los Angeles, CA- Disclosed value
- Maximum compensation to Metro of $8,475,000; one-time capitalized ground rent payment of $1,000,000; $3,530/month holding rent; 10% of annual residual receipts; 20% of sale/refinancing net proceeds; 15% of annual commercial net rent (subject to community-serving exception); $50,000 JDA deposit; $100,000 ground lease deposit
- From staffreport
- Document date
- Mar 19, 2025
The 30-second brief
Los Angeles Metro plans to enter into a joint development agreement and 75-year ground lease with Expo Crenshaw Apartments, LP to construct and operate a 176-unit mixed-use affordable housing project on Metro-owned land at Expo/Crenshaw Station. The deal structure provides Metro with a guaranteed $1 million capitalized ground rent and potential total compensation up to $8.475 million through residual receipts, sale/refinancing sharing, commercial percentage rent, and deposits that fund Metro’s transaction and construction oversight costs.
Expo Crenshaw Apartments LP holds this facilities contract with Los Angeles County Metro Transit Authority.
Term as filed: JDA term of 3 years with up to two additional 12‑month extensions (maximum 5 years); Ground lease term of 75 years from Commencement Date; construction anticipated to start in 2026.
See who signed off on this contract.
See who signed offFree account · 30-second setup · No credit card
Contract details
- Contract type
- Facilities
- Amount
- Maximum compensation to Metro of $8,475,000; one-time capitalized ground rent payment of $1,000,000; $3,530/month holding rent; 10% of annual residual receipts; 20% of sale/refinancing net proceeds; 15% of annual commercial net rent (subject to community-serving exception); $50,000 JDA deposit; $100,000 ground lease deposit
- Document date
- March 19, 2025
- Term
- JDA term of 3 years with up to two additional 12‑month extensions (maximum 5 years); Ground lease term of 75 years from Commencement Date; construction anticipated to start in 2026
- Source document
- Los Angeles County Metropolitan Transportation Authority StaffReport Expo/Crenshaw Joint Development 2025-03-19 (StaffReport)
Expo Crenshaw Apartments LP's other public contracts
More Los Angeles County Metro Transit Authority contracts
Questions about this contract
Who was awarded the facilities contract by Los Angeles County Metro Transit Authority?
Expo Crenshaw Apartments LP was awarded this facilities contract by Los Angeles County Metro Transit Authority, as recorded on March 19, 2025. The contract value is Maximum compensation to Metro of $8,475,000; one-time capitalized ground rent payment of $1,000,000; $3,530/month holding rent; 10% of annual residual receipts; 20% of sale/refinancing net proceeds; 15% of annual commercial net rent (subject to community-serving exception); $50,000 JDA deposit; $100,000 ground lease deposit.
How much is the Expo Crenshaw Apartments LP contract with Los Angeles County Metro Transit Authority worth?
The Expo Crenshaw Apartments LP contract with Los Angeles County Metro Transit Authority is valued at Maximum compensation to Metro of $8,475,000; one-time capitalized ground rent payment of $1,000,000; $3,530/month holding rent; 10% of annual residual receipts; 20% of sale/refinancing net proceeds; 15% of annual commercial net rent (subject to community-serving exception); $50,000 JDA deposit; $100,000 ground lease deposit, covering facilities work.
What type of contract is this?
This is a Facilities contract, documented as a staffreport record.
Where was this contract approved?
This contract appears in Los Angeles County Metropolitan Transportation Authority StaffReport Expo/Crenshaw Joint Development 2025-03-19 (StaffReport), dated March 19, 2025 from Los Angeles County Metro Transit Authority. Civic IQ extracts contract records directly from agency meeting documents and solicitations.
Show 2 more questions
What other contracts does Expo Crenshaw Apartments LP hold?
Expo Crenshaw Apartments LP may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.
What is Los Angeles County Metro Transit Authority currently buying?
Explore Los Angeles County Metro Transit Authority's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.