An affordable housing development at 112 Vera Ave. in Redwood City, bringing 176 units to life, will be celebrating its groundbreaking and perseverance through a tough financial market on Wednesday.
Although demolition of the existing buildings on-site technically began in August, developer Jake Lingo said the celebratory groundbreaking, Oct. 22, offers the chance to reflect on the progress of the site amid slowing development and aversion to high-density builds.
“In this economic environment to break ground on 178 units is pretty spectacular,” Lingo, of Integrated Community Development, said.
The development plans on providing 176 low-income units comprising 153 one-bedroom apartments and 25 studio apartments. Units will be available for applications making between 30% and 70% of the San Mateo County area median income. There will be two manager units.
Of the 176 rentable units, 31 are reserved for extremely-low-income households, 75 for very-low-income households, and 70 for low-income households. The building will reach seven stories, or approximately 79 feet tall. It will amass 121,175 square feet of total floor area.
Because of the development’s location within a half a mile away from a major transit stop, it is not required to provide on-site parking. The intent is to promote alternative modes of transportation for new developments near downtown. While this has raised concerns from nearby residents in previous City Council meetings, the developer assured it will seek transit-oriented residents.
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Lingo attributes the ability for the project moving along to his team’s dedication and the commitment from the state to fund affordable housing developments “even during a down economic time.” There is no investment needed from the city itself, Lingo said.
“It’s able to really weather the storm because of the resources available for these developments from a state and federal level,” Lingo said.
The development is slated to take 24 months to construct, with an estimated completion date in August 2027, Lingo said.
“We’re very excited to become a part of this community,” Lingo said. “Our intent is to come in and become a part of that community. Being a long-term partner is very important to us.”
If you would like to be notified about opportunity to apply for affordable housing units for rent email housingrwc@redwoodcity.org and provide your contact information. Applications for units are not available until construction of the project is nearly complete. You will be notified once the developer starts accepting applications.
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