AgdaPkt 2020-10-12 Joint SA PFA - Laserfiche WebLink

Browse Search

MidPen M H O U S I N G Building Communities. Changing Lives. October 10, 2020 Dear Mayor Howard and City Council Members: Thank you for considering our input on the Gatekeeper process staff report and recommendation. Tishman Speyer and MidPen have collaborated to propose a creative offsite solution to maximize the affordable housing impact we can deliver. Tishman Speyer has made an extraordinary commitment to providing double the required affordable housing impact fee and taken the initiative to secure a real opportunity site for housing that would serve Redwood City families. 609 Price Avenue presents a tangible and near-term ability to create new affordable housing by replacing a 1960's era 2 -story office building with 80 units of high-quality housing affordable to extremely -low through low-income families. This represents the most affordable housing units at the deepest levels of affordability of any project in the Gatekeeper process, whether commercial or residential. Our affordable housing proposal includes 50% 2- and 3 - bedroom homes — unit types that the market is not building. 100% of the units proposed would go towards meeting the City's RHNA goals in the VLI and LI categories. These are categories in which the City has had limited success meeting production goals; deeply targeted units are the hardest to deliver and our proposed solution would bring 80 such units to Redwood City. While we are excited about the proposed project we have brought to the table in terms of impact and ability to deliver actual units in the near-term, as a team, our main goal is to be an engaged and collaborative partner to the City in meeting its community benefit objectives. We are happy to consider other solutions and have demonstrated in our respective track records an ability to execute high-quality development projects that are responsive to their context and community. It is important to note that this site is workable for affordable housing precisely because it is not currently zoned for multifamily housing. Unfortunately, the market realities are that once a property has been zoned Residential, even with Affordable Housing Overlay zones and other protective measures, such up -zoned properties often double in price and escalate out of reach for affordable housing developers. As the City prepares for its next RHNA cycle, this project could be an articulation of the City's values in promoting affordable housing in well -served locations. 609 Price Avenue readily meets the priorities identified in the Gatekeeper process: Housing, Transportation and Children and Youth. We understand the concerns around processes and staffing. We would like to note that there are many State housing bills being considered that would allow for streamlining of commercial to affordable residential zoning which could make this project an easier lift. We can be reasonable about folding our expectations into the City's process for comprehensive upzoning, finding a path forward that dovetails with, and does not defer, advancing the Central Redwood City Plan. We commend the City on making affordable housing a priority in the Gatekeeper process. Of the units being contemplated for advancement — 813 total — 25% are affordable. This is a strong ratio. Inclusion of our proposal would bring this to over 30% affordable. The need is tremendous. As an example, we currently have over 500 families on MidPen's waitlist for family affordable units in Redwood City and receive applications in the region at a rate of 20:1 when we complete MidPen Housing Corporation MidPen Properly Management Corporalion 1 303 Vintage Park drive, Suite 250t. 656.356.2900 e. info®nudpen-nous�N-org MidPen RoWent Ssr� Oory tion Foster City, CA 94404 !.860.357.9766 www.rnidperi-housing.org