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Hotel, housing plans seek OK in Foster City
September 16, 2013, 05:00 AM By Bill Silverfarb Daily Journal

The Foster City Council will take a couple of votes tonight that, if approved, will bring a new hotel to the city and fund dozens of affordable housing units at the vacant 15-acre site adjacent to City Hall.

The council will first consider whether to make the final approval to amend a zoning map for Vintage Park that will add a Townplace Suites Extended Stay Hotel at the site of the former Black Angus restaurant at 1299 Chess Drive.

The hotel project is proposed to be located on a 1.69-acre parcel that currently contains the 9,700-square-foot building built in 1984 which was formerly occupied by the restaurant. Black Angus ceased operations in March 2009 and the building has been vacant since then.

Solomon Tsai, on behalf of Fullwel International Group, Inc. proposes to construct a 69,715-square-foot five-story extended stay hotel with up to 121 rooms. The former restaurant will be demolished as part of the project.

The council will also vote on whether to approve a resolution indicating the city’s intent to loan up to $4.75 million to MidPen Housing to fund the acquisition of land for construction of 66 affordable housing units on the city-owned 15-acre site.

The $27.4 million project is expected to be largely financed with tax credits through the California Tax Credit Allocation Committee and would rely on nearly $8 million in local taxpayer dollars from the city and county to compete for federal tax credit financing funds, according to a staff report.

MidPen will be applying for the grant funding while the city finalizes drafting a proposed disposition and development agreement and other documents to authorize the sale of the 15 acres.

MidPen has requested that the City Council approve a resolution of intent from the city to demonstrate its support of the project so that the county will see that funds from the city will be in place if the granting agencies award funding for the project, according to the staff report.

In April, the San Mateo County Board of Supervisors approved a resolution that dedicated 100 percent of the housing funds, about $13.4 million, the county received from the dissolution of former redevelopment agencies throughout the county toward affordable housing. MidPen might be able to secure up to $3 million of those funds for its Foster City project, according to the staff report.

As one of the projects will bring affordable housing to the city, the other is expected to boost transient-occupancy taxes.

The proposal to modify the Vintage Park General Development Plan for the site would allow a second hotel in the Vintage Park neighborhood in addition to the previously approved Crowne Plaza hotel bringing a total of 475 hotel rooms to the area near the Bridgepointe Shopping Center in San Mateo.

The Foster City Council meets 6:30 p.m. tonight, City Hall, 620 Foster City Blvd., Foster City.

silverfarb@smdailyjournal.com

(650) 344-5200 ext. 106

 

 

Tags: hotel, housing, project, foster, million, county,


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