The developer, whose name has not been revealed, is proposing a $42 million, seven-story apartment complex for the Ninth Avenue and J Street site. The agreement calls for 200 apartment units, including several penthouse lofts, and street-level retail space. Some $15 million in financing would be provided by the city's redevelopment agency.
City officials will present the agreement to the City Council for approval this month. The proposal is part of a package of five Downtown housing projects. City officials hope that these projects will revitalize the rundown part of downtown. While all five projects would likely bring new life to the downtown area, all five require financial partnerships between government and private developers.
The vacant Ping Yuen housing center at Fifth and I streets, which has been proposed by developer A.F. Evans, would require $11 million in rehabilitation funds, but would build 82 apartments for low-income senior citizens.
A $32 million project proposed for L Street between 18th and 19th streets would require nearly $5 million in redevelopment funds. The developer plans to build a 176-unit apartment complex near the new East End state office project.
In addition, a 118-unit apartment complex, Fremont Mews, has been proposed for 15th and Q streets, the home of the Mandella Community Garden. The $21 million project would build a smaller community garden near the complex, and would be jointly funded by the state, the city and developer H. Williams Advisors.
Finally, the state of Sacramento plans to turn a warehouse on R Street between 11th and 12th streets into loft condominiums. The $32.5 million project would require a $5 million loan from the city redevelopment agency.
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