Arcata-based Danco Builders acquired the site of a 131-unit affordable housing complex in the North Bay suburb of Petaluma, according to plans filed with the city. The site was purchased from Nancy and Todd Kurtin, the latter a former SunCal executive, for $10.6 million.
Current plans for the site located at 890 North McDowell Boulevard include multiple three- and four-story buildings on about 5.29 acres of the entire 6.5-acre parcel. The units will be targeted for families earning between 20 and 60 percent of the area’s median income.
A coffee shop will be located on the ground floor of one building. Tenant amenities will include a community garden, dog run, playground and basketball court. Plans also include 153 on-site vehicular parking spaces. Danco did not respond for comment on whether there will be any changes to the plans for the site.
Todd Kurtin is a former partner at Irvine-based SunCal and was awarded $20 million after he sued SunCal executive Bruce Elieff, claiming he did not receive a nearly $50 million buyout when he left the company.
Elieff agreed to pay Kurtin $48.8 million, according to court records. Elieff would pay a portion of that money himself, and the rest would come from revenue in three homebuilding partnerships.
According to Kurtin’s lawsuit, Elieff asserted he had the authority to obligate the partnerships to pay off the debt, but later halted the payments, saying he didn’t have that authority after all. Kurtin’s attorneys maintained Elieff still owed him about $22 million when the payments stopped, as reported by the Orange County Register.
The 131 homes currently planned in Petaluma would almost double the city’s current inventory of 133 homes for sale, according to data collected by Motovo. Homes in the market sell for an average of $477 per square foot and are an average of 1,729 square feet.
Read more
Residential
San Francisco
Pair of North Bay properties trade for $17.5M