Reso 16432 - Laserfiche WebLink

Browse Search

affordable housing would be an impediment to the financial feasibility of the 1900 Broadway moving forward. Moreover, at the time of approval, the Original Site was located in a High Resource area which would have presented advantages for affordable housing funding. Since then, the site’s designation was amended to a Moderate Resource site taking away this competitive advantage.1 The Substitute Site surfaced as a viable alternative site that would result in the significant cost savings needed to make the 1900 Broadway project economically feasible and allow it to proceed. While appraised at a higher value than the Original Site, the cost to acquire it is significantly less, and the site is superior in location due to its proximity to Downtown Redwood City and the Caltrain transit station. Without the significant savings resulting from the proposed affordable housing site substitution, the 1900 Broadway project simply will not have the capital required to proceed with building the project. The Substitute Site meets both the Development Agreement and the Affordable Housing Ordinance requirements. The Substitute Site is approximately 0.54 acres (23,363 sq. ft.), located within the Mixed Use Corridor – Veterans Boulevard (MUC-VB) zoning district. Its fair market value is appraised at $9,880,000, and it is currently developed with a 6-unit commercial property that includes medical offices, offices, and retail. To the north of the site are neighborhood serving commercial uses and a recreational nature preserve. To the east is a mix of multi-family residential and high density residential. To the south is a mix of City center complexes, office buildings, and neighborhood-serving commercial uses. To the west is a neighborhood-serving commercial with a variety of uses. The property is within 0.5 miles (12-minute walk) from the Downtown Redwood City Caltrain Station and is a short walk to the Bair Island Wildlife Refuge and Trail offering an exceptional urban recreational. Section 2.2D of the Development Agreement contemplates and provides the process and criteria (further described in Section VII below) for requesting substitution of the Original Site “with another property that provides at least seventy-one (71) affordable units in such manner and subject to income requirements as set forth in the Original Affordable Housing Plan, and which substantially meets the requirements of the Affordable Housing Ordinance for land donations…” IV.Eden’s Proposed Affordable Housing Development of the Substitute Site Eden’s proposed development of the Substitute Site consists of a five-story, 100% affordable 75- unit (plus 1 manager’s unit) residential project intended to serve residents that are age 55 and older (sometimes referred to herein as the “Eden Project” or “Eden’s project”). Eden’s project would include a mixture of studios and 1-bedroom units (and a two-bedroom unit for the onsite manager’s unit) with anticipated affordability levels of 12 extremely low-income units (16%), 23 1 This is not an unusual circumstance as the State of California reviews resource on an annual basis and can amend the designation of sites as new data is obtained. (Source: CTCAC/HCD Opportunity Area Maps) ATTY/RESO.0052/ CC RESO APPROVING SUBSTITUTE SITE AS AFFORDABLE HOUSING SITE (705 VETERANS)(1900 BROADWAY DA) - EXHIBIT 1 REV: 07-21-26 MI Page 3 of 53