Located at the Northeast corner of Vermont and Manchester in South Central Los Angeles, Evermont (Vermont and Manchester) is a transformational, 160,000 sq. ft., mixed-use development that will directly address over three decades of chronic underinvestment in this severely distressed, low-income community, which was the epicenter of the 1992 civil disturbances.
Evermont will provide 180 units of affordable housing for seniors/families/youth, a full-service grocery, restaurants, retail stores, a SEED residential charter school, a small business incubator, a transit plaza and an LA County MTA job training facility.
For Evermont, NMCC will partner with The City of Los Angeles Development Fund (LADF), Genesis LA and JP Morgan Chase Bank to provide a total of $40 million in NMTC financing for the development of the 63,653 sq. ft. retail and pre-leased office components of The project. The total project cost for the commercial components is $59 million.
Located ten miles southwest of Downtown Los Angeles on 4.2 acres of urban infill land owned by Los Angeles County, this Public Private Partnership Project will consist of two separate apartment buildings to be developed by Bridge Housing, an innovative new charter school operated by SEED, and the commercial/retail components. The total development budget for the full project including the SEED charter school and residential components is estimated at $300 million.
Collectively, Evermont will create a thriving commercial and residential center that will provide the community with access to critical goods, services and employment opportunities while transforming a blighted vacant lot and painful reminder of darker times, into a vibrant, mixed-use community resource.
The commercial/retail components will include 47,740 sq. ft. of grocery-anchored, community-serving retail leased by Target, and 15,913 sq. ft. of office space for a new job training and innovation center to be subleased by Los Angeles County MTA.
Evermont will also feature a small business incubator operated by LA County, a public transit hub with ground level retail and restaurants fronting onto a new, community oriented public pedestrian plaza, which will become an active community gathering space for the neighborhood.
The Vermont corridor, along which The project is located, has one of the highest transit ridership in the MTA system, and the Vermont and Manchester bus stop is the second busiest in the entire system. Funding is in place to upgrade the system from an express bus to a Bus Rapid Transit (BRT).