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<br /> <br />674 Via de la Valle, Suite 206 <br />Solana Beach, CA 92075 <br />iqhqreit.com <br /> <br />Redwood City Planning Commission <br />c/o Redwood City Planning Division <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />pc@redwoodcity.org <br />(650) 780-7234 <br /> <br />September 8, 2025 <br /> <br />RE: Support of Item 10A Interim Measures to Support Housing Production <br />(Temporary Incentive Program for Redwood City’s Affordable Housing <br />Ordinance) <br /> <br />Mayor Saballos and Esteemed Members of the Council, <br /> <br />IQHQ Elco Yards LP (“IQHQ”) is the developer of a mixed-use development which <br />includes approximately 530,000 square-feet of office uses, 501 residential units, 28,000 <br />square feet of retail (including 19,000 square feet family friendly entertainment), 8,400 <br />square-feet of child-care and 40,000 square feet of publicly accessible open space <br />(“Elco Yards Project” previously known as South Main Mixed-Use Project), generally <br />located at 1601 El Camino Real between El Camino Real, Maple Street, Cedar Street <br />and Main Street in Redwood City, California (“Site”). <br /> <br />While the commercial component of the Project is nearing completion and is <br />attracting high-quality commercial tenants in a challenging market, the delivery of <br />the residential of the project has stalled due to challenges unique to the multi-family <br />residential development sector. <br /> <br />However, due in large part to the unmatched livability of Redwood City, we are happy <br />to share that we are under contract to sell the residential parcels to a residential <br />developer who is committed to delivering these much-needed units quickly should <br />the Proposed Affordable Housing Incentive Program be adopted. <br /> <br />Because of changing market conditions, variability in interest rates, construction cost <br />increases, tariff uncertainties and limited availability of capital, the development <br />environment has shifted. As a result, the proposed Affordable Housing Incentive <br />Program provides the much-needed relief, flexibility, and incentive needed to deliver <br />these units.