Eligible home buyers get 1% off the net sales price of the 26 urban-style condos in the Residences at Jackson Glen. With two-bedroom units running at $429,000, that would be a savings of $4,290.
“That's quite a bit of cash,” said Mary Jean Duran, spokeswoman for the development, adding that the condominiums in the three-story building start at $399,900.
The multi-use development, which includes vacant commercial space on the ground floor, had its grand opening earlier this month.
Located at 240 S. Jackson St., the condo project first broke ground five years ago, but then work stopped and it became a distressed property. About two years ago, a new development team swooped in to finish the job, Duran said.
“The property was truly a diamond in the rough when we first saw it,” said Charles Tourtellotte, president of one of the investors, TAAG Investment Management, in a statement. “Now … it is a great example of urban-styled living offering a new sense of place in Glendale's town center.”
The other investor on the project is Encore Housing Opportunity Fund.
For more information about the “Hometown Heroes” discount, call (818) 469-9388.