Two hundred units of much-needed affordable housing will be completed this week in San Jose, Calif., one of the nation’s most expensive rental markets.
Charlotte Park Apartments is part of a 295-acre master-planned community on the former Hitachi Global Storage Technologies campus. The master plan will include condos, apartments, attached townhomes, pocket parks, and a 10-acre park with a baseball field.
Developer ROEM Corp., which also acted as the general contractor and construction manager, satisfied most of the affordable housing requirement for the master plan.
“While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, executive vice president of ROEM, in a statement. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamless blends with their market-rate housing.”
The development team focused on sustainability and will pursue LEED Gold certification for Charlotte Park Apartments. Solar thermal heating and solar photovoltaic power sources were installed, providing the potential for up to 85% savings on utility bills when compared with electric water heating. All units have Energy Star refrigerators and dishwashers, high-efficiency toilets and faucets, and Evolve Roadrunner showerheads controlled by thermostats. In addition, landscaping includes native species and zero turf.
The development, which had been fully leased prior to completion, includes a courtyard with an outdoor barbecue, a dining area, a tot lot, and a lounge area; a community room with a media alcove, a kitchen, and an entertainment area; storage area; a homework and computer room; and laundry facilities.
The $46 million development was financed with 4% low-income housing tax credit equity through Alliant Capital and construction and permanent financing from Citi Community Capital.
“Charlotte Park provides a safe haven to those who are being squeezed out of quality housing in Silicon Valley,” said Jay Abeywardena, a director at Citi. “We are excited to help support this initiative and believe this project will have a meaningful impact on the community.”
