Mammoth Lakes Housing, Inc. purchased the commercial property located at 238 Sierra Manor Road on October 6, 2017 through a partnership with the previous owner who made a $50,000 land donation.
MLH purchased this property with the intention to convert the commercial space into eleven 640 square foot apartments with six garages. Conversion of the two buildings to housing units will stay within the existing foundational footprint. The conversion will include new interior walls, plumbing, electrical, mechanical (including a new fire suppression system), an on-site laundry room, and exterior tenant community area.
This residential project will serve households earning below 80% of the Area Median Income. The estimated rehabilitation costs are $3,624,000. This includes construction loan fees, Town developer fees, soft costs, contingencies, reserves, and the rehabilitation.
The approximately .40 acre site is optimal in terms of location and neighborhood fabric since it is within one mile of the family health clinic, public library, grocery store, and public schools. The property is located in the Old Mammoth Road District and the zoning is Commercial 2. The Town’s Municipal Code permits 100% multifamily residential within this zoning designation.
