A COMMUNITY BUILDING. BUILT FOR BUILDING COMMUNITY.
A Curbed article from march 2020, stated that over two-thirds of renters in the U.S. say they would rather be homeowners but cannot afford to purchase homes. In a system unfriendly to renters, home ownership offers numerous benefits. Georgetown Climate Center found that home ownership improves mental and physical health, raises education levels, and increases community resilience in the face of gentrification.
Long Beach Condos offers a pathway into the home ownership market for those who are currently priced out, and in doing so, develops financial and social sustainability within a community.
Funded by a Community Land Trust, this low-cost condominium housing supports economic mobility via built-in infrastructure for owner-funded renovations and upgrades. The building is designed to accept and foster change over time, offering condo renters (come owners) agency over their homes and their assets.
These buildings offer potential as much as they do housing. Basic condos are sold at-cost to lower income earners who pay towards their mortgage rather than towards rent. This model gives would-be renters control over their living situation, both physically and financially. The more payments made, the more equity built. Owners can further invest in their homes over time with physical improvements and expansions, which continue to add to the value of the property and the neighborhood.
005 LONG BEACH CONDOS
TYPE: MULTI-RESIDENTIAL LOCATION: LONG BEACH, CALIFORNIA CLIENT: CITY OF LONG BEACH SIZE: 37,000 SF STATUS: ONGOING YEAR: 2020