Palo Alto Housing Breaks Ground on $42M Project
As the Bay Area residential crisis rolls on, the developer will bring 67 much-needed affordable housing units to Redwood City.
2821 ECR Apartments. Image courtesy of Palo Alto Housing
Palo Alto Housing has broken ground on an approximately $42 million residential project in Redwood City, Calif., that is slated to bring 67 units of affordable rental homes to the San Francisco Bay Area.
The completed property, 2821 ECR Apartments, will offer studios and one-bedroom apartments earmarked for low-income families, veterans and individuals with special needs who are earning no more than 70 of the San Mateo County Area Median Income. L&D Construction serves as the general contractor for the project designed by architecture firm Dahlin Group Inc.
The project is located at 2821 El Camino Real, between Berkshire and Dumbarton Avenues, with a range of retail, restaurant and public transportation amenities nearby. The property will also feature a barbeque grill, community kitchen and computer lab in addition to gathering and activity spaces for residents.
Financing for the project is provided by the County of San Mateo along with Wells Fargo Bank, the Federal Home Loan Bank of San Francisco and the California Community Reinvestment Corporation. The Housing Endowment and Regional Trust of San Mateo County provided acquisition funding.
Addressing Bay Area housing woes
Palo Alto Housing has a pipeline of more than 400 new residential units planned and under development in the San Francisco Bay Area, among them Eagle Park Apartments, a $33 million affordable housing project in Mountain View that is nearing completion. The company broke ground on the 67-unit development in 2017.
Multifamily rents in the San Francisco metropolitan area surged by 3.9 percent year-over-year through October 2018 to $2,662—nearly double the national average—as the region’s housing crisis continues to worsen, according to a Yardi Matrix market report.
