CRP Affordable Housing and Community Development has bought an approved site for a 100-unit affordable housing complex in Mountain View. The developer just needs $100 million to build it.
The San Diego- and New York-based affordable housing builder led by Paul Salib paid $10 million for a two-thirds-acre lot with a shuttered gas station at 334 San Antonio Road, with plans to redevelop it into homes, the Silicon Valley Business Journal reported.
The sellers of the 61-year-old service station was an LLC controlled by Mircea Voskerician and Naresh Krishnamoorti, who in 2022 were approved to build a five-story, 62-unit apartment building. The market-rate project was later scrapped.
“This site checked all those boxes. It’s in a great location. It’s right near high-quality transit. It’s the perfect site for us,” Seth Sterneck, managing director of development at CRP, told the Business Journal.
The firm now seeks $100 million in public financing to build homes.
Plans by CRP, filed in June, call for an eight-story affordable housing complex with 100 one-, two- and three-bedroom apartments for households earning between 30 percent and 70 percent of area median income, according to the Mountain View Voice.
The C-shaped project, clad in salmon, white and putty, would wrap around a central courtyard and include a ground-level garage for 17 cars and 100 bicycles.
Now all CRP needs is the public money, with no ground-breaking in sight.
“The tricky part of building affordable housing is securing the funding needed to build it because rents are well below market,” Sterneck told the Business Journal. “You can’t attract the same private capital as you can for market rate deals.”
Money permitting, CRP plans to remove the out-of-use gas storage tanks, remove contaminated soil and install a monitored vapor barrier.
Jack Burlison, director at CRP, said the firm doesn’t anticipate needing to remove much dirt, since the developer won’t install underground parking.
For its affordable complex, CRP plans to partner with nonprofits to provide free school care, adult education and health and wellness services.
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CRP Affordable Housing and Community Development, founded in 2019, has built seven affordable housing projects in California, with 10 more in the pipeline, not including the Mountain View project, according to its website.
The for-profit developer recently completed a 59-unit building in Santa Clara called The Meridian, according to the Business Journal. It also built a 64-unit complex in San Jose called Dry Creek Crossing, plus a 36-unit apartment building in Capitola.
— Dana Bartholomew