October 9, 2018
City Council Approved Partial Financing of CADA/CFY New Residential Mixed-Use Development
SACRAMENTO, CA – The Sacramento City Council approved a $3.3 million Sacramento Housing and Redevelopment Agency deferred loan, which will be used to help round out the financing for 1717 S Street, the latest new downtown infill project for project partners Capitol Area Community Development Corp and CFY Development, Inc.
The project consists of 159 new rental apartments, 50% of which will be affordable. The 11,376 square feet of ground floor commercial will feature outdoor patios located at the back of the public sidewalk along S Street.
Sacramento Vice Mayor Steve Hansen stated, “We promised Ali that we would fight hard to complete his remaining projects, and we’ve promised to help our constituents suffering from a shortage of affordable housing — this does both. These much-needed affordable homes would not be possible without the tireless joint efforts of my colleagues Councilmember Ashby and Mayor Steinberg with CADA and CFY. Now, we must build these homes while continuing to deliver the 800 Block apartments on K Street so that they can live up to Ali’s vision. #BeLikeAli.”
1717 S is designed to help fill Sacramento’s demand for ‘Missing Middle’ housing, by providing walkable urban living residences to households earning 80-120% of area median income. “I am thrilled to help finance this much-needed affordable housing, especially because it includes housing for the Missing Middle,” said CalHFA Executive Director Tia Boatman Patterson. “It is important to create housing for Californians like our teachers, nurses, public employees and construction workers, who are struggling to afford their homes but do not qualify for traditional housing subsidies, while still helping the most vulnerable residents at the lowest income levels.” Cal HFA will be providing the 1717 S project with $38.6 million in permanent financing and will be voting soon on a staff recommendation to provide an additional $3.28 million of project financing.
1717 S is located on a one-half block infill site within the R Street Corridor Special Planning District in the Central City. The site is situated between 17th Street and 18th Street on the north side of S Street. Rice Alley borders the northern edge of the site.
The building will be six stories with a two-level parking garage within the building. Site improvements include new sidewalk and landscape areas on 17th, 18th, and S Streets. The project will need to underground existing overhead utility lines in the Rice Alley right of way.
In partnership with the Water Board, the project partners completed site groundwater cleanup in 2017. The project is anticipated to commence in late summer/early fall of 2019.
With 40 years of experience, CADA focuses on turning under-utilized and sometimes contaminated sites into productive, environmentally, financially and socially sustainable mixed-use developments and provides excellent property management. Since inception, CADA has renovated or built, 1,682 residential units, 38 hotel units, and over 27,000 SF of commercial space in downtown Sacramento.