A national nonprofit developer is asking Pleasanton for early support of what city staff describe as the first 100% affordable family housing project built with the city's help: up to 142 deed-restricted apartments on a 1.39-acre office site at 4780 Chabot Drive in Hacienda.
BRIDGE Housing will present the concept to the City Council on Tuesday, Oct. 20. No approvals are on the table. Staff is asking the council for direction on the project and on a funding plan that leans on city support, and on whether to draft a term sheet that would come back for a vote later.
The project
The site now holds a three-story office building of about 24,000 square feet and is zoned for high-density housing in the city's housing element. BRIDGE's preliminary design shows up to six stories of apartments over underground parking, about 68 feet to the roof deck and 75 feet at most.
That is taller than the 55-foot, four-story limit in the city's design standards for the site, but the staff report says state density-bonus law lets a fully affordable project near the Dublin-Pleasanton BART station add up to three stories without city approval, and removes any density cap and parking requirement. BRIDGE plans about one parking space for every two units anyway.
The mix would be 66 one-bedroom, 40 two-bedroom and 36 three-bedroom units, aimed at larger families. Fourteen would be priced for households at 30% of area median income, 15 at 50%, 55 at 60% and 57 at 70%, with one manager's unit.
How it would be paid for
Tax credits, a mortgage, deferred developer fees and a California Housing Finance Agency loan could cover about 90% of construction, according to the report.
To close the gap, the developer of Positas Park, a separate project at 5976-5994 West Las Positas Blvd. still under city review, has tentatively agreed to pay its affordable housing fee, estimated at $10.3 million to $10.5 million, straight into the BRIDGE project instead of the city's Lower Income Housing Fund.
