$100M Affordable Housing Development Set for Silicon Valley
- Jan 20, 2021
Construction has started on a nearly $100 million affordable housing development in Santa Clara, Calif., which will bring 196 units of low-income and very low-income residential units to Silicon Valley. Developer St. Anton Communities plans to complete the project located within the city’s Tasman East Specific Plan area by mid-2022.
St. Anton Tasman is being built on a 1.2-acre site at 2233 Calle Del Mundo and will have 153 studios and 43 one-bedroom units. The property is regulated to stay as affordable for at least 55 years. Nearly 20 percent of the units are for very low-income tenants (50 percent Area Median Income) with the remaining units for low-income tenants (60 percent AMI). St. Anton Tasman, which will have a density of 160 units per acres, is the first project to begin construction in the city’s Tasman East Specific Plan area, which covers 45 acres.
The plan creates a framework for development of a high-density transit-oriented neighborhood with a minimum density of 100 dwelling units per acre, along with supportive rail services. The property is adjacent to the Lick Mill Light Rail Station and within walking distance of the Levi Stadium, the home venue for the San Francisco 49ers football team.
St. Anton Tasman received its primary construction and permanent financing from Bank of America and “gap funding” from The Irvine Co. The amounts were not disclosed.
KTGY Architecture + Planning is the designer for St. Anton Tasman, described as a sustainable, six-story property. Community amenities will include a podium deck, clubroom, fitness center, dog run and classroom/business center. Services will be offered to tenants, including instructor-led educational, health and wellness, and skill-building classes.
St. Anton Background
Peter Geremia, St. Anton founder, and Ardie Zahedani, St. Anton partner, said in prepared remarks the firm was able to complete the approval process very quickly due to Santa Clara city government’s focus on affordable housing. Geremia noted transit-oriented development of affordable housing is a focus of the Sacramento, Calif.,-based firm. The company’s current projects include more than 1,000 units under construction and 1,150 units of market-rate and affordable TOD in the pipeline throughout Silicon Valley. Geremia’s companies have built more than 10,000 apartment units throughout California and remain owner or co-owner in nearly every project.
In November 2015, the firm announced plans to build 300 Railway, an $88 million project in Campbell, Calif., adjacent to the Downtown Campbell Light Rail Station. The project, which included 119 apartments, was completed in 2018. KTGY Architecture + Planning, was also the architect for 300 Railway.