AMCAL Press Release

AMCAL Multi-Housing Saves the City of Rancho Palos Verdes $519,457 with the Successful Completion of Mirandela Senior Housing Development

(December 2011)

Agoura Hills, CA, December 13, 2011 – In a recent dramatic presentation to the City Council of Rancho Palos Verdes, AMCAL Multi-Housing returned $519,457.00 to the City as a result of cost savings from the Mirandela Senior Housing development. Construction was completed on the 100% affordable project in December 2010.

At the November 15 City Council Meeting was Rancho Palos Verdes Mayor Pro Tem Thomas D. Long, alongside City Manager Carolyn Lehr, Councilmembers Douglas W. Stern, Brian Campbell, and Stefan Wolowicz. Darin Hansen, Vice President of Forward Planning and Entitlements at AMCAL Multi-Housing announced the significant savings to the City.

“The construction of Mirandela was one of the most significant achievements in the City in my eight years on Council,” said Rancho Palos Verdes Mayor Pro Tem, Thomas D. Long. “It provided high quality affordable housing for seniors, meeting an underserved demand in the City that also produced an excellent facility that came in yielding savings of over half a million dollars to the City – we are so grateful to AMCAL for their work on this development.”

The 34-unit housing development is financed with an allocation of $7,273,000 in 9% Low-Income Housing Tax Credits in 2009, and City of Rancho Palos Verdes RDA funds, which allowed for significant tax credits from the state. The cost to build the property totaled $12, 969,000.
“We are thrilled that we were able to save money for the City,” says Percy Vaz, CEO of AMCAL Multi-Housing. “Because AMCAL is a vertically integrated company with significant experience in all facets of real estate development, we were able to gain efficiencies not available to other companies.”

Mirandela is the first affordable community in Rancho Palos Verdes. The Mediterranean-style development is located on a hillside of 2.9 acres and consists of 34 affordable 1- and 2-bedroom units for seniors. Mirandela is conveniently located near PVPTA and MTA bus stops, Highridge Park, Palos Verdes Library, Palos Verdes Medical Center, pharmacies, and a grocery market. Amenities include a barbecue and seating area with sweeping views of the Los Angeles Basin, and 1,400-s.f. community clubhouse with a computer lab and media room.

Mirandela earned significant news in 2011 with the announcement of the SAGE Award for “Project of the Year”. The Award was granted from the Southern California Building Industry Association’s 55+ Housing Council, and is a very prestigious award as it honors individuals, developments and programs that have made an outstanding contribution to enhancing the quality of life for Southern California residents, aged 55 and over.

For more information about Mirandela from AMCAL Multi-Housing, please visit http://www.amcalhousing.com/communities/mirandela/.

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