Alta Mira Senior and Family Apartments is at the heart of an emerging urban transit village in Hayward, Calif.
The 151-unit community sits less than half a mile from a Bay Area Rapid Transit (BART) station and is part of large master-planned development that is ground zero for the city’s revitalization efforts.
Developed by Eden Housing, Alta Mira is made up of two adjacent buildings—an 87-unit property for families and a 64-unit community for seniors—that serve residents earning no more than 30%, 40%, and 50% of the area median income. The family building includes five units for formerly homeless individuals with a mental illness.
The development replaces a blighted auto body shop, putting residents a short walk from the region’s commuter rail system, and adds a beautiful new pocket park. Residents also receive free transit passes to utilize the bus system.
“This project is sparking other development along this corridor,” says Linda Mandolini, Eden president. “It was a leader for the city, and it proves that a smaller city can do this.”
The nonprofit stayed with the project for more than a decade as it weathered the recession and other challenges to create the needed housing.
In addition to developing Alta Mira, Eden brought in AMCAL Multi-Housing to develop a nearby 206-unit luxury development when the original developer backed out. It was critical to have the market-rate and affordable projects proceed together, so the projects could share in mutual financing and construction opportunities.
The $52.5 million project required collaboration from multiple levels of government, financing partners, and developers to get to the finish line, says Neil Saxby, associate director of real estate development at Eden, noting that the deal required nine sources of funding. The project was financed largely with bonds and 4% low-income housing tax credit equity from Wells Fargo.
In a sign of the demand for the housing, Eden received 4,500 applications for the apartments.
