Marginal Properties, Pacific West Communities and Maracor Development are poised to build more than 400 apartments at two separate projects in Concord.
The Concord Planning Commission approved a plan by Washington-based Marginal to construct a 230-unit complex at 2400 Salvio Street and 2471 Willow Pass Road, the San Francisco Business Times reported.
The commission also approved plans by Idaho-based Pacific West and San Francisco-based Maracor to construct a 183-unit complex at 1650 Ashbury Drive. The site is owned by the Church of the Nazarene.
The East Bay city entitled the three developers to build 413 apartments located within a five-minute drive from each other. The city has a state-mandated housing goal of 5,073 homes by 2030, of which 2,036 units must be affordable for lower-income households.
Marginal Properties, led by Kirkland-based developer Brent Nicholson, will build a five-story building with 230 apartments and 13,700 square feet of “amenity space,” according to the Business Times. The project, proposed in 2018, received various extensions.
A cost and timeline for the putty, brown and white complex with external balconies on Ashbury Drive were not disclosed.
Pacific West and Maracor were approved to build either a 100-percent affordable or a market-rate project after downsizing plans to build a 313-unit project, which they said wouldn’t pencil out. It’s not clear which project will get built on Salvio Street and Willow Pass Road.
In June, the Concord City Council reversed its decision to deny $90 million in state financing for the 100-percent affordable Ashbury project after pressure from state regulators, according to the San Jose Mercury News.
The council had earlier encouraged the developers to build a mostly market-rate project.
Plans for the mixed-income complex include a six-story complex with 183 apartments, including 20 units set aside as affordable in exchange for a 2 percent density bonus and less parking and open space, according to the Business Times. It would contain 19,000 square feet of “amenity space” and parking for 99 cars.
A cost and timeline for the 1.8-acre project were not disclosed.
Maracor has filed plans to build a 240-unit affordable apartment complex near Warm Springs BART station in Fremont. The developer also plans to build two more affordable complexes in the city with a combined 210 apartments.
In June, Maracor Development, Pacific West Communities and the Central Valley Coalition for Affordable Housing landed $66 million in financing to build a 166-unit affordable complex in Downtown San Jose.
— Dana Bartholomew
Read more
Development
San Francisco
Maracor eyes 240-unit affordable housing complex in Fremont
Development
San Francisco
Maracor, Pacific West land $66M in financing for affordable complex in San Jose
Residential
San Francisco
Pacific West secures $126M to build affordable apartments in San Jose