LOS ANGELES, April 10, 2017 (GLOBE NEWSWIRE) -- Ocean Development Inc, a Los Angeles-based full service real estate development company, which develops, constructs, owns, and sells residential housing units announced today that they have completed their 1000th new development in the City of Los Angeles.
Ocean Development replaces dilapidated homes from areas in the City of Los Angeles that have been neglected historically, replacing them with new homes that these communities would not have otherwise had access. As part of the process of redeveloping obsolete and dilapidated homes, the company also ensures that current zoning standards are put in place, which often means adding off-street parking.
Los Angeles is a beautiful and desirable place to live, but it's also one of the hardest places to afford to live. California’s current population of 39 million is expected to rise to 50 million by 2050, and nearly 40 percent of those new residents will live in Southern California. The state is experiencing a housing shortage, particularly in the City of Los Angeles, where the Harvard Joint Center for Housing Studies reported 320,000 apartments would need to be built in order to keep pace with the constantly growing population. The housing shortage has led to home prices in Los Angeles tripling over the last twenty years which has had a significant impact on vulnerable communities in areas such as South Los Angeles.
“Our mission is to provide the highest quality of affordable homes in the South Los Angeles area, where due to the housing shortage, four- and five-bedroom duplexes are in high demand,” said Amy Cyprus, President of Ocean Development. “Ocean Development is proud to have replaced our 1000th dilapidated home from areas in the City of Los Angeles that have been neglected historically and replacing them with new homes that meet the housing demands of modern families,” she added.
“Ocean Development is constructing homes that are economically viable with an emphasis on revitalizing CRA zones and aging neighborhoods while addressing housing needs for low income and workforce housing. Our sister company, Ocean Properties, specializes in managing units that qualify under the Housing and Urban Development’s (HUD) Section 8 program; all of the Company’s current managed properties qualify under Section 8, meaning eligible tenants pay approximately 30% of their gross income toward rental payments with the remaining portion being subsidized by HUD,” added Cyprus.
“Our company has strong ties to the City of Los Angeles and we choose to develop in its vulnerable communities knowing that these houses generate millions of dollars in revenue each year to the City in permit and school fees. While the City and County of Los Angeles is committed to addressing and rectifying the impacts of the housing shortage, as evidenced by the recent passing of Measures HHH and H, both of which were crafted in response to homelessness, we are happy to do our part to provide much needed, affordable, well-built housing in some of the most economically sensitive areas of the City,” concluded Amy.
About Ocean Development, Inc.
Ocean Development, Inc. is a full service real estate development company, which develops, constructs, owns, and sells residential housing units. Its sister company, Ocean Properties, Inc., offers full service management to over 1200 units consisting of over 600 properties in the south Los Angeles area. Our mission is to provide the highest quality of affordable homes and duplexes in the south L.A. area. Our management and staff are highly qualified in the real estate property management arena with more than 100 years of collective experience.