ROEM Brings 116 New, Affordable, Multifamily Apartments to Mountain View
The $64 million development will give preference to low-income families and people who live or work in Mountain View
MOUNTAIN VIEW, Calif. – (RealEstateRama) — ROEM Development Corporation celebrated the groundbreaking of Evelyn Family Apartments on Wednesday, October 19. Located at the southwest intersection of East Evelyn Avenue and South Bernardo Avenue in the City of Mountain View, Evelyn Family Apartments will be an affordable multifamily apartment community on a 1.93 acre site. The development will offer studio, one, two and three-bedroom apartments to families making up to 60 percent of the Santa Clara County Area Median Income. The groundbreaking ceremony was held at 779 E. Evelyn Ave. at 11:00 a.m.
“Evelyn Family Apartments is one of the largest affordable housing projects in the City of Mountain View,” explained Mountain View Mayor, Pat Showalter. “Aimed to benefit people who live and work in Mountain View with low incomes, it is a testament to the City’s commitment to seek affordable housing developments, to increase the overall housing diversity and supply, and to investing City funds to help make it happen. Thanks to the effectiveness of public and private partnerships like we have with ROEM, we will be able to keep families in Mountain View and help those who grew up here, stay here.”
This $64 million three- and four-story community will provide 116 residential units and 116 bicycle parking spaces for residents and guests. The contemporary architecture will complement the surrounding neighborhood by integrating an interpretation of traditional styling, consistent with the diverse context existing in the city. The development will include a wide range of indoor and outdoor amenities, such as a large community room with a kitchenette, homework center with computers, fitness room, laundry rooms, a private shuttle to and from the local transit and schools, and VTA Eco-passes for each unit.
“As a rule, the City of Mountain View’s affordable housing developments are well-designed and indistinguishable from market-rate housing,” says ROEM’s Executive Vice President Alex Sanchez. “So are ROEM’s: We are committed to designing and building housing that is affordable, sustainable and transit-oriented. Evelyn Family Apartments is our third housing project in Mountain View, and we are delighted to be partnering with the City to bring 116 new, permanently affordable apartments to low-income families living and working here.”
The building will be built of high-quality Type VA residential construction over a Type IA one-level at grade and one-level subterranean parking garage. Construction of the project will include energy conservation features such as water and energy-efficient appliances and fixtures. Evelyn Family Apartments will be an environmentally-sustainable development and will pursue USGBC LEED-H Gold certification. This will include a high-efficiency irrigation system, no turf use, drought-resistant plant palette, roof drainage collection system via downspouts, upgraded insulation in exterior walls and roofs, Energy Star appliances, and high-efficiency heating and cooling equipment.
“AEGON is excited to play a part in providing 116 critically-needed, new housing units to the residents of Mountain View,” said Gary Howe, Director of AEGON USA Realty Advisors, LLC. “We would like to congratulate all of the partners involved in this development for their efforts in making this project a reality, including ROEM Development Corporation and the City of Mountain View, as well as Citi Community Capital. This marks AEGON’s eleventh investment with ROEM Development and we are confident Evelyn Family Apartments will be as tremendously successful as the previous ten. Mountain View is already a leading community for technology and innovation; Evelyn Family Apartments will help to keep it accessible to those struggling to find housing in an extremely competitive market.”
Ensuring a pleasing design that works with the surrounding community, the building will transition from four to three stories along the south property line which, combined with generous setbacks along the main entry drive, which will provide relief to the adjacent one- and two-story buildings. The focus of Evelyn will not only be its design but also its reduced carbon footprint. The development will emphasize water and energy efficiencies, air quality, construction, and waste management. In order to promote the use of bikes as a secondary transportation option and decrease its impact on the community, Evelyn Family Apartments will have a bike center for its residents with a parts depot, washing station, and short-term bicycle storage.
Evelyn Family Apartments is receiving 4 percent Low-Income Housing Tax Credits and Citi Community Capital provided tax-exempt construction financing in the amount of $32 million. Investment support was provided by AEGON. The City of Mountain View has provided financial backing for this project in the amount of $22.3 million. The architect is Withee Malcolm Architects, LLP; the nonprofit partner is Pacific Housing; and the general contractor is ROEM Builders, Inc. Completion is expected in August 2018.
“Evelyn Family Apartments is a wonderful example of high-quality affordable housing,” said Jay Abeywardena, Director of Citi Community Capital. “This development will translate into the creation of critical workforce housing for the entire Bay Area community.”
Guest speakers included: Mayor Pat Showalter, City of Mountain View; Jay Abeywardena, Director, Citi Community Capital; Robert Emami, President & CEO, ROEM Development Corporation; and Alex Sanchez, Executive Vice President, ROEM Development Corporation.
About ROEM Corporation
ROEM Development Corporation, ROEM Builders, Inc., and their affiliated entities are a full-service development and construction organization that has specialized in the acquisition, planning, financing, new construction, renovation and asset management of market-rate and affordable housing throughout California for more than 30 years. Ranked in Affordable Housing Finance magazine’s Top 50 Affordable Housing Developers of 2015 list and a registered member of USGBC and Build It Green, ROEM is dedicated to creating wholesome communities that are not only sustainable but also designed smarter to ensure that residents are healthier, happier and safer. ROEM has completed more than 3,000 affordable housing units with more than 1,000 units currently under construction. For more information, visit www.ROEMcorp.com.
