The New Designs Charter School (New Designs) is dedicated to providing a career-based, college-preparatory program for at-risk students in South Los Angeles.
In 2008, New Designs wanted to purchase the space it was currently leasing. The property consisted of 60,485 square feet of land and four buildings totaling 41,268 square feet. It is prime real estate in downtown Los Angeles near the University of Southern California and the Staples Center.
New Designs planned to purchase the Figueroa Way property for $15 million with bond proceeds. The school had an option agreement (expiring May 2009), pursuant to which the school had paid $300,000 as a deposit toward the purchase price. An additional $500,000 deposit was due by May 31, 2008.
Building Hope provided the deposit needed to New Designs through a $250,000 loan at a below-market rate and a $250,000 guarantee.
New Designs Charter School opened its facility for the 2008-09 school year, serving 419 students in sixth through twelfth grade.