The groundbreaking ceremony for The Clark on 54th, the first development in Los Angeles’ Crenshaw district to be owned by a Black woman and local group, was held by the Clark family and Praxis Development Group. This $24 million project is a mixed-income and transit-oriented development located at the intersection of Crenshaw Boulevard and 54th Street.
The building will consist of 38 market-rate units, as well as 10 deeply affordable units. Additionally, there will be ground-floor retail space spanning over 2,100 square feet for local businesses to utilize. The project has been designed with energy-efficient appliances and electric vehicle charging stations in mind. It is also conveniently situated less than one-quarter mile from the new Hyde Park station on LA Metro’s K Line.
Funding for this innovative project includes an equity investment from MSquared; another equity investment from Six Peak Capital; a construction loan provided by Local Initiatives Support Coalition (LISC) Black Economic Development Fund with participation from Genesis LA; a grant received through LA4LA – an alliance between philanthropic organizations, government agencies,and private sector entities; as well as subordinate financing arranged by LISC LA.
