A six-story apartment and retail complex is proposed for 130 Center St. in Santa Cruz across from Depot Park. (Swenson Builders)
Last updated: April 2026
Project name: Calypso Apartments
Location: 130 Center St.
The lot near Depot Park was the former site of an auto body shop and a rental car shop.
Status
- The project’s developers decided to instead pursue a 100% below-market-rate project and in 2025 received about $48 million in tax credits, an essential source of funding for affordable housing projects. Swenson Builders teamed up with Sacramento-based affordable housing nonprofit Pacific Housing. In March 2026, the Santa Cruz City Council approved $42 million in tax-free bonds to support construction of the project. It could break ground in May 2026 and finish by late 2028.
- The project was approved by the Santa Cruz City Council in January 2022 and the Santa Cruz Planning Commission in October 2021.
Developer
San José-based Swenson Builders.
Project description
- Total units: 233 studios from 295 to 400 square feet.
- Affordable units: 230 units will be set aside for households earning 30% to 60% of area median income, based on state-set income limits. Three units will be for property managers.
- Height: This project would be six stories.
- Other details: The project is expected to have two ground-floor shops that could sell food. It also is planned to have 209 parking spaces in an underground and ground-floor garage.
Read more
- Six-story housing complex proposed near Santa Cruz’s Depot Park — March 12, 2021
- City of Santa Cruz project application page for 130 Center St.
- Housing Santa Cruz County’s 130 Center St. page
How to make your voice heard
Submit comments and questions on the City of Santa Cruz project application page for 130 Center St.
The proposal for 233 studio units was approved by the Santa Cruz City Council in 2022. (Swenson Builders)
A rendering shows the proposed project from Center Street. (Swenson Builders)
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