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.