La Placita Cinco Revitalizes an Area Lagging for Five Decades

Developers say La Placita Cinco in Santa Ana revitalizes an underutilized strip center in a neighborhood that has not had significant investment in more than five decades. The 51-unit affordable housing community is drawing attention due to its proximity to the planned light rail along 5th Street.

La Placita Cinco includes $6 million in funding from the city and will provide much-needed affordable housing for Orange County. The new residential development is a four-level single structure building with a mix of units targeted for families between 30 percent and 60 percent of the Area Median Income.

Located at 2239 West 5th St., La Placita Cinco includes 20 two-bedroom units, 29 three-bedroom units and two four-bedroom units. Available units and monthly rent levels range from $881 to $2,154.

Located in the Artesia Pilar neighborhood of Santa Ana near the OC Streetcar, La Placita Cinco replaces a former gas station with a mixed-use building. The community consists of 51 units with multi-purpose ground-floor space. La Placita Cinco carefully preserved the site’s original commercial buildings which contain several retailers.

Along with the city, La Placita Cinco was developed by Community Development Partners and Magis Realty, designed by City Fabrick and operated by Mercy House. Other core partners include TCA Architects, JDLA, Walton Construction and Ware Malcomb. Funding partners include city of Santa Ana Low- and Moderate-Income Housing Asset Fund and Inclusionary Housing Fund, 9 percent Low Income Housing Tax Credits, long-term debt from Freddie Mac, construction financing from Citibank and tax credit equity from R4 Capital.