A rendering of the project at 112 Vera Ave. It proposes seven stories of affordable housing. Specifically, 176 units are proposed as low income units, with two unrestricted manager units.
Bucking a recent trend of slowing development, 176 low-income rental units are being proposed in downtown Redwood City and aims to fill an emergent need for small affordable units near public transit.
The project at 112 Vera Ave. may be evading the recent slowdown in development caused by high borrowing rates by securing state and government funding specified for affordable housing rather than waiting on independent investors.
The development will consist of mostly one-bedroom units aimed to attract young workers looking for a high-density urban living experience, said developer Jake Lingo.
“We’re planning on a quality development that will be on par with market rate developments but obviously at reduced rent,” Lingo said.
The preliminary application includes minimal details of the proposal but locks in the rules, regulations and fees in place at the time of the application.
Lingo, who is with Integrated Community Development, said this is its first development in San Mateo County, though the real estate firm has worked on multiple affordable housing developments and closely with the government programs that provide financing.
Jeff Schwob, Redwood City Community Development director, said most projects at the moment might take anywhere between four to six years due to the financial state of the market. Developers are currently focused on getting projects approved so they’re ready to move forward when financing comes through, he said.
“Readiness is the key,” Schwob said.
Though big development projects could be expected to take a while for completion, this development may move more quickly because of help from government funds. Lingo said they are waiting on confirmation of funding from the California Housing Finance Agency Mixed-Income Program, which provides financing for new affordable developments.
“One of the great things within the affordable housing industry is that the state and federal government realize there’s a lack and they need to continue to invest in affordable developments,” Lingo said. “They know the demand is not going away.”
The development will not be providing substantial parking for its residents, though it is not required under state law. Located near Caltrain and bus routes on El Camino Real, the city will most likely be promoting the city’s Transportation Demand Management program that looks to increase mobility and limit driving-alone. Lingo said the move toward promoting public transit use is becoming increasingly common.
“I know Redwood City is growing and changing as well as most cities in the Bay Area, and a lot of people are heading toward this mode,” Lingo said. “I have lots of confidence that these will be high demand units.”
The developers have 180 days after the preliminary application is submitted to file the official application.
(650) 344-5200 ext. 106
(65) 344-5200 ext. 106
Daily Journal staff
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