Eden Housing: Cottonwood Place and On Lok Lifeways’ Peralta Center
Overview
Eden Housing, Inc., their affiliate property management company, Eden Housing Management, Inc. and their free onsite resident support service company, Eden Housing Resident Services, Inc. (“Eden Housing”) works collaboratively to develop high quality, well-managed, service-enhanced affordable housing communities that meet the diverse needs of lower income families, seniors, and persons with disabilities. Since their inception, Eden Housing has developed more than 10,600 homes and communities in over 7 counties and 20 twenty cities throughout Northern California, and has served over 100,000 people. Today, Eden Housing is serving over 22,000 low-income residents from all cultures and backgrounds.
Vision
Eden Housing wanted to create a state of the art mixed-use facility that brings together healthcare and housing, two of their most critical needs.
Challenge
Eden Housing needed to identify and obtain a site that could be entitled for an affordable housing development and receive the estimated $42 million dollars in city, county, state and federal funding required for the project.
Solution
Cerro Vista Land & Development’s (“CVL&D”) approach encompassed all aspects of the research and analysis spectrum from site identification to strategic partnerships. Its sophisticated strategic approach, strict due diligence and industry partnerships were used to execute a transforming acquisition of the Peralta Center, a 3-acre commercial site in Fremont, CA. While working closely with Eden Housing project manager Katie Lamont, CVL&D leveraged its industry experience and relationships within the City of Fremont to negotiate lease buyouts and obtain the necessary entitlements for the proposed project. CVL&D obtained funding from City of Fremont and HUD’s Section 202 Supportive Housing for the Elderly program (“HUD 202”). CVL&D was able to acquire over $14 million from HUD for the project. Eden Housing closed escrow on the subject property in August 2009.
Outcome
May 18, 2012, Eden Housing, On Lok Lifeways, and the City of Fremont hosted and celebrated the grand opening of Cottonwood Place and On Lok Lifeways’ Peralta Center mixed-used facility (“Cottonwood Place”). The development includes 98 new affordable apartments for low income seniors aged 62 and older, a community room, offices, and a 9,035-sq. ft. of clinic and day center space for On Lok Lifeways, a Program of All-inclusive Care for the Elderly (PACE) provider offering comprehensive medical, supportive and social services to frail and elderly individuals. Cottonwood Place is designated to achieve a GreenPoint rated score of 200. Cottonwoods plans to be the greenest multi-family development in California, and is on track for the achievement.
Property Address
3701 Peralta Blvd, Fremont, CA 94536 blog, like the Author, Likes Counter, and more - head to Settings. Readers can easily share posts on social networks like Facebook and Twitter and view how many people have liked a post, made comments and more.
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