A rendering shows the proposed eight-story building at 407 Pacific Ave. in Santa Cruz. (CRP Affordable Housing and Development)
Community meeting
- 6 p.m. Monday, Jan. 26.
- Join on Zoom or call 669-444-9171 meeting ID 896 3145 0281.
SANTA CRUZ >> A community meeting planned on Monday will give residents an opportunity to give feedback and ask questions about an eight-story, 102-unit building proposed on Pacific Avenue in Santa Cruz. The building requires the razing of 10 homes in the Neptune Apartments.
The redevelopment would be the first of a residential property in the newly dubbed neighborhood South of Laurel, or SoLa, that city leaders upzoned last year as part of the Downtown Plan expansion.
The project would include:
- 102 homes in an eight-story, 95-foot building.
- 34 two-bedroom units and 68 three-bedroom units.
- 34 parking spaces.
- Laundry room.
- Children’s play area.
The proposal at 407 Pacific Ave. would include all below-market-rate units in order to satisfy affordability requirements for a market-rate, 245-unit apartment building down the street at 201 Front St.
City rules developed as part of the Downtown Plan expansion allow developers to build required affordable units offsite in a separate building. Santa Cruz Planning Director Lee Butler said this can help developers finance below-market-rate projects because 100% affordable developments are more competitive for tax credits, an essential piece of funding for such projects.
Dallas, Texas-based developer Lincoln Property Co. proposed the market-rate development at 201 Front St. and San Diego-based developer CRP Affordable Housing and Community Development is the applicant for the below-market-rate development at 407 Pacific Ave.
Ten homes in Downtown Santa Cruz would be demolished to make way for a 95-foot apartment building. (Alexandria Bordas — Santa Cruz Local file)
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Nik Altenberg is a bilingual reporter and assistant editor at Santa Cruz Local. Nik Altenberg es reportera bilingüe y editora asistente para Santa Cruz Local.
