The Ramada Inn project in Venice intended to convert a former hotel into permanent housing for the homeless, launched by former Councilmember Mike Bonin, has reached nearly $20 million in costs after three years of vacancy. Despite securing $3 million in Federal Housing and Urban Development (HUD) funding in May 2024, the project remains stalled, with no construction having taken place. The site has been vacant since October 2022 after serving as interim housing for 14 months.
PATH Ventures, the project’s owner and developer, initially expected to secure permits and begin construction by summer 2024, with completion anticipated in early 2025. However, a $1.5 million funding gap and other challenges have delayed progress. The project’s $11 million Homekey-funded zero-interest loan, extended by the city in December 2020, is due on December 16, 2025, or upon closing construction financing, whichever comes first.
The Los Angeles City Council, led by Councilperson Traci Park, requested a report on the project’s status, highlighting concerns over the continued vacancy of Homekey-funded units while homelessness persists. According to Westside Current, the project’s director, Dahlia Leffell, cited escalating costs and the need for a master lease as obstacles.
The city has approved additional Prop HHH funding, and GenesisLA extended a $1.25 million construction loan in December 2024. However, further complications arose, including demands for individual water meters and potential loss of HUD funds. The city administrator’s office expects construction to begin by September 2025, with the original Homekey loan converting into a residual receipts loan to be repaid over 57 years.
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