The Clark family and Praxis Development Group broke ground on The Clark on 54th, the first Black-, woman- and locally-owned development in Los Angeles’ Crenshaw district. The $24-million mixed-income and transit-oriented project is located at the northwest corner of Crenshaw Boulevard and 54th Street.
The Clark on 54th includes 38 market-rate units, 10 deeply affordable units and 2,100 square feet of ground-floor retail space for local businesses. The project will feature energy-efficient appliances and electric vehicle charging stations. It is also located less than a quarter milefrom the new Hyde Park station on the LA Metro K Line.
Financing for The Clark on 54th includes an equity investment from MSquared; an equity investment from Six Peak Capital; a construction loan from the Local Initiatives Support Coalition (LISC) Black Economic Development Fund, with participation from Genesis LA; a grant from LA4LA, a philanthropic, government, and private sector alliance; and subordinate financing from LISC LA.
