Posted on September 16, 2021 at 4:31 PM by Maggie Le
Located on a 1.95-acre empty parking lot on the Eastern border of the City of Fountain Valley, Prado will be a 50-unit affordable development for extremely-low and very-low income families, targeting 30% to 60% Area Median Income (AMI.) Eight units have been designated as Permanent Supportive Housing (PSH) for veterans who are homeless or at risk of homelessness.
The development will be comprised of four (4) residential buildings and one community building with property management and social services offices. All four (4) residential buildings will be walk up structures with tuck under parking with two (2) structures being two (2) stories tall and two (2) being three stories tall. The community building will be a single-story structure with a central walkway. There will be 50 tuck-under or carport parking spaces plus 44 uncovered spaces.
The onsite amenities will include a multi-purpose room, tot lot, barbeque and picnic area, community laundry area, plus plenty of outdoor spaces, including a separate area for teen fitness and recreation. Residents have prime access to transit and the 30-mile, public Santa Ana River trail that offers recreation opportunities for bicyclists, runners and walkers. The development is located in close proximity to Interstate 405.
The development is slated to be GreenPoint Rated. The total project cost is approximately $29.6 million.
Program:
- 23, one-bedroom, one bath units; approximately 485 sq. ft.
- 14, two-bedroom, one bath units; approximately 770 sq. ft.
- 13, three-bedroom, two bath units; approximately 1,085 sq. ft.
- Rents for a one-bedroom apartment will range from $618-$1,441
- Rents for a two-bedroom apartment will range from $695-$1,729
- Rents for a three-bedroom apartment will range from $773-$1,998
Residual Receipts Loans:
- Orange County PSH Loan - $453,600
- VA – VASH PBS8 Tranche B Loan (8 PBVs) - $890,000
- City of Fountain Valley – Development Loan - $2,000,944
- City of Fountain Valley – Acquisition Loan - $6,199,056
Proposed Construction Start: December 2020
Proposed Completion Date: February 2022
Developer: Related California
NonProfit Partner: Foundation for Affordable Housing
Architect: DNA Design and Architecture
General Contractor: RD Olson Construction, Inc.
Property Management: Related Management Company
Social Services Provider: LifeSTEPS
Sustainability Status: Anticipated GreenPoint Rated