Rancho Simi approves $24 million sale of old headquarters to area housing authority

 In Real Estate

The Rancho Simi Recreation and Park District has approved a $24 million deal to sell its soon-to-be-vacated headquarters to the Area Housing Authority of the County of Ventura, which intends to build up to 95 affordable senior apartments there.

The district’s board greenlighted the sale last month, District Manager Larry Peterson said.

The board in October tentatively chose the authority and its developer partner, USA Properties, over about 20 other bidders for the 13.2-acre site at 1692 Sycamore Drive in Simi Valley. The district has occupied the converted residential complex since 1966.

Michael Nigh, the authority’s executive director, said he was thrilled his agency and USA Properties had been chosen as the buyers.

The district is moving to more modern headquarters about three miles away, an 81,000-square-foot office building at 4201 Guardian St. it bought for $8.6 million. The district hopes to make the transition in March, Peterson said.

Although the board approved the sale, the deal won’t close until January 2017 at the earliest to give the housing authority time to seek the city’s approval for its affordable housing project, Peterson said. No construction can begin until then, he said.

The authority is proposing to tear down the existing structures and build up to 95 affordable senior apartments and up to 251 general-occupancy, market-rate units.

Source: http://www.vcstar.com/news/local/simi-valley/rancho-simi-approves-24-million-sale-of-old-headquarters-to-area-housing-authority-289adbd0-0b02-3f8-364922211.html

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