Business Journal homes in on a dozen residential developers who, surprise, are building in the L.A. market.
When Thomas L. Safran interned with the U.S. Department of Housing and Urban Development in 1969, he was working toward a master’s in political science and urban studies at the University of Chicago.
But his yearlong internship turned out to be far more important than he had imagined, launching a career in affordable housing that has spanned four decades.
“I liked it better than going to school and I ended up staying for almost five years,” said Safran. “I never finished what I was doing at Chicago.”
As president of Brentwood-based Thomas Safran & Associates, the developer has become one of the biggest affordable housing players in the county. The firm owns and manages about 3,500 affordable and market-rate apartments in the state.
At HUD, the Chicago native worked closely with affordable housing developers and eventually decided to settle in Los Angeles. Inspired by the objectivism philosophy of Ayn Rand’s “Fountainhead” and a trip to Europe, Safran left HUD when he was just 29 vowing to build high-quality projects indistinguishable from market-rate housing.
“When I started most of the housing was not great quality. It was very difficult; when I started in the 1970s, the perception of affordable housing was totally negative,” said Safran, whose firm also develops some market-rate housing.
Safran’s first project was a big personal and financial risk. He raided his HUD retirement account to cobble together $5,000 in seed money. He used $2,000 to tie up nearly two acres in Inglewood and partnered with a more experienced developer to build a 93-unit apartment building there called Eucalyptus Park Apartments.
Though he still owns a portion of the project, it’s his least favorite. “It wasn’t to the quality that I’d like,” he said.
Safran has plenty of other projects he’s proud of. There’s Hollywood El Centro Apartments, a collection of residential buildings from the early part of the last century that he restored. In addition, he’s working on Carson City Center, a two-phase mixed-use development that will include 86 senior housing units, 150 market-rate apartments and stores across from Carson City Hall.
Though he never obtained his degree from the University of Chicago, Safran wasn’t done with school. Once he settled in Los Angeles, he got an MBA from UCLA in 1978 and is a member of the Chancellor’s Associates donor group.
Safran likes to travel. A recent trip included a visit to the tallest building in the world – Dubai’s 160-story Burj Khalifa.
Travel is important in his line of work, he noted. “You see that and you might get an idea – good ideas for your buildings.”
Thomas L. Safran, 65
President
Thomas Safran & Associates, Brentwood
Safran has spent 41 years in the affordable housing business, the first five with the Department of Housing and Urban Development and the last 36 with his own company. The Brentwood resident started Thomas Safran & Associates from a small apartment at Vermont Avenue and Third Street, and expanded it into of the largest affordable housing developers in the county.
Reason I’m a Residential Developer: Everyone needs housing; great demand for affordable housing.
Most Challenging Development: There are so many. Right now it’s getting funding from the city of Los Angeles and then federal tax credits. Very competitive and difficult to get.
Best Career Moment: Completing the latest development.
Worst: Spending 18 of a total of 25 years working on a (low-income senior housing) project on the beach in Venice.
My Colleagues Don’t Know: Ohhh. There are many.
Favorite Project I Didn’t Develop: Rick Caruso’s Glendale project (Americana at Brand).
Best Thing About Developing in L.A. County: Great demand for housing.
Worst: Bureaucratic delays. Abuse of the environmental laws to delay projects.
Bucket List: Giving more money to and being supportive of a variety of charitable organizations.
