Located on a City-owned surface parking lot in Alhambra's Downtown District and adjacent to a City-owned parking structure, Lantern Terrace is a 44-unit, affordable housing development. Fifty percent of the units are designated for low-income individuals and families, while the remaining units are set aside for formerly homeless individuals and families, as well as at-risk Transition Age Youth.

This 5-story building includes 1,000 square feet of commercial space on the ground floor.  The common area amenities include an 1,100 square foot community room with computer area and conference room, management and social services office, a play area, and rooftop terrace on the fifth floor. There are 26 spaces of residential parking on the upper level of the parking structure and 4 spaces for handicap and EV parking on the ground level.  A pedestrian bridge from the building connects to the uppermost level of the parking structure.

The City of Alhambra awarded Lantern Terrace to Related California through a highly competitive Request for Proposal (RFP) process. Lantern Terrace provides affordable and supportive housing for low-income households with a range of incomes from 30% to 60% Area Median Income (AMI) with on-site amenities, resident services and employment opportunities.