If you are wondering about the large construction site on the west side of Via Marina between Panay and Marquesas Way, the answer is that this is the location of “The Shores,” the 544 unit apartment building which is replacing the now demolished “Del Rey Shores.” The new project, consists of twelve 5 story buildings, 79′ high, and is being developed as a joint venture by Jerry Epstein (former lessee of Del Rey Shores) of Del Rey Shores, LCC, a Kirk and Anne Douglas trust, and Guardian Life Insurance. The total construction costs of The Shores is estimated at $165 million.The development has received a $125 million dollar non-recourse loan arranged through Red Mortgage Capital of Columbus, Ohio and insured by the U.S. Federal Housing Agency and H.U.D (U.S. Department of Housing and Urban Development). The FDA/HUD insures loans to construction projects that would benefit low- to moderate-income tenants. The Shores will include 54 apartments (10% of the total units) dedicated to affordable housing. This is the largest loan that has been underwritten by HUD in Los Angeles. If the borrower defaults, the FHA will receive the property as collateral, but the developers will have no personal liability. The lease from Los Angeles County runs until 2063 and the County will receive income from the lessee and property taxes. Del Rey Shores, LCC will manage the property.
Los Angeles County is also undertaking a Water Line Replacement on Admiralty Way and Via Marina to replace the 10 to 14″ diameter existing line constructed in 1962 with an 18″diameter line. The cost of the project is estimated at $6,500,00. Work was originally scheduled to begin in the Fall of 2010. Estimated completion time is 12 months and signs have already been posted on Via Marina. You can avoid the traffic hassle by entering and exiting the Silver Strand from Washington Boulevard onto Via Dolce, unless you’re heading to Admiralty Way in which case you’ll just have to put up with the disruption.