Construction is now underway on a new transit-oriented, 100% affordable-housing community developed by St. Anton Communities at 2233 Calle Del Mundo in the city of Santa Clara, California.
This transit-oriented redevelopment of an underutilized 1.22-acre site—containing only surface parking and a single-story warehouse—is located within the city’s Tasman East Specific Plan area. It is also within walking distance to Levi’s Stadium and adjacent to the Lick Mill Light Rail Station.
“We’re excited to partner with St. Anton Communities to provide financing for this new development, which represents an exciting next chapter in Santa Clara that will revitalize this industrial area into a walkable livable community near the stadium and public transit,” said Raquel Gonzalez, Silicon Valley market president, Bank of America.
“Bank of America has had a long-standing relationship with St. Anton Communities and looks forward to working together to add critically needed affordable housing in Silicon Valley and across the entire Bay Area,” she added.
St. Anton Tasman is regulated to stay as affordable housing for at least 55 years. Nearly 20% of the units are for very low-income tenants (50% Area Median Income) and the remaining 80% of the units are for low-income tenants (60% Area Median Income).
The nearly $100 million community boasts a density of 160 units per acre and is the first project to commence construction in the city’s transformational Tasman East Specific Plan.
“We were able to complete the Santa Clara approval process very quickly due to their focus on affordable housing. Thanks to the City’s expedited processing, the area’s lower-income workforce will be the first to move into new housing in the 45-acre masterplan,” said Ardie Zahedani, partner, St. Anton Communities.
The Tasman East Specific Plan creates a framework for the development of a high-density transit-oriented neighborhood (minimum density of 100 dwelling units per acre), along with supportive retail services.
“Santa Clara is a recognized leader in innovation and technology, and affordable housing proximate to transit and employment is a focus of ours,” commented Peter Geremia, founder of St. Anton and an alumnus and supporter of Santa Clara University.
St. Anton Tasman will have 153 studios and 43 one-bedroom apartment homes with community amenities including a podium deck, clubroom, fitness center, dog run and classroom/business center. Services include instructor-led educational, health and wellness, and skill-building classes.
The project received its primary construction and permanent financing from Bank of America and its “gap funding” from The Irvine Company.
“We are proud to have partnered with the City of Santa Clara and St. Anton Communities on this important new community that will have a positive impact on individuals and families in the City,” said Chris Marsh, president of Irvine Company Apartment Development.
The sustainable, six-story residential community, designed by KTGY Architecture + Planning, prioritizes public transit and provides an efficient and connected living environment for the area’s lower-income workforce.
“Over the past decade, we have worked with St. Anton on multiple communities throughout California to help design their market rate, mixed-income and affordable communities,” said Keith Labus, AIA, LEED AP, principal of KTGY Architecture + Planning.
“Our goal was to push the density at Tasman while maintaining construction cost efficiencies and maximizing the livability of the spaces, delivering a building that meets the needs of Bay Area residents in a beautiful building envelope,” he continued.
The project is anticipated to open for occupancy in mid-2022.