Agda Pkt 2025.11.24 Joint SA PFA

Browse Search

Elco Yards Affordable Housing Plan October 22, 2025 High Street Residential (“HSR”, “Residential Developer”) on behalf of IQHQ (“Owner”) is submitting a revised Affordable Housing Plan (“Plan”) for the Elco Yards project, formerly known as the South Main Mixed-Use project, which was originally proposed by Greystar (“Former Applicant”) on September 25, 2020. The revised Plan incorporates the following updates: • Impact Fee Payment: Revising the number of affordable units in Parcel A and D to include the payment of an impact fee of approximately $5.8M. This fee will satisfy the remaining commercial affordable housing obligation, replacing the need to deliver equivalent affordable units in Parcels A and D. • Concurrent Occupancy Alternative 2: Requesting approval to utilize the City’s Concurrent Occupancy Alternative 2, as outlined in Section 29.8.D.2. • Local Preference Requirement: Including the City’s Local Preference requirement, as outlined in Section 29.6.F. This requirement was not in effect when the project was initially approved. Note: This revised Plan does not propose any changes to the affordable housing building on Parcel F, which has already been completed. 1.0 Project Description Elco Yards is a mixed-used development previously known as South Main Mixed-Used Project, generally located at the intersections of El Camino Real and Maple (Project). The Project received City Council Approval in November 2020 for the following uses: • 530,000 square-feet of office and R&D uses, on Parcel B, C and E • 540 residential units on Parcels A, D, and F. • 28,000 square feet of retail (including 19,000 square feet of family friendly entertainment), 8,400 square- feet of child-care • 40,000 square feet of publicly accessible open space Since the project application was approved by City Council on November 16, 2020, the 39-unit affordable building on Parcel F was completed in 2023 and is occupied. HSR is not proposing any amendments to the Affordable Housing Plan related to Parcel F. As such, the language from the original Affordable Housing Plan related to Parcel F is referenced in Section 5.0. The commercial buildings on B, C and E are nearing completion and anticipate receiving certificates of occupancies by the end of 2025. While demolition is complete, construction nor excavation have commenced on the residential Parcels A and D. On October 13, 2025, City Council approved an Affordable Housing Incentive Program (AHO Incentive”), which will temporarily reduce the Affordable Housing Ordinance (AHO) requirement by 25%. The ordinance becomes in effect on November 12, 2025. HSR intends to request the ability to utilize the AHO Incentive. However, the figures presented in this document do not incorporate the temporary reduction, as the AHO Incentive will be approved administratively should the project meet the requirements of pulling building permits before June 30, 2027. 8.B. - Page 35 of 120 198