DOWNEY – Crews smashed down all but a few pieces of the Verizon building in downtown this week to make room for a 50-unit apartment complex.
The city’s redevelopment agency in 2008 paid $1 million for the property at 8314 2nd Street, which had been vacant for about 10 years, according to city documents.
The city partnered with developer National Renaissance Communities of Rancho Cucamonga for the apartment project, which calls for units to be rented at discounted rates to families making less than 60 percent of the median income, according to city officials.
National Renaissance Housing of Rancho Cucamonga, will get a 55-year lease on the property.
The city also plans to sell a 16-unit parking area to the developer, which has caused some concerns by business owners about a parking crunch near the site.
Construction is expected to start in about 15 months, according to city officials.