Friday, August 26, 2016

BLT Enterprises Launches Ground-Up Development of 500-Unit Multifamily Community in Supply-Constrained Napa, CA

Rob Solomon
NAPA, CA (Aug. 26, 2016) –  BLT Enterprises, a multi-faceted real estate investment company, has announced the planned development of Phase I of Vista Tulocay, a 500-unit multifamily community that will fill a deep void in the Napa, California housing market, according to Rob Solomon, Chief Development and Legal Officer for BLT Enterprises.

“Napa is in dire need of new housing options,” says Solomon “The city attracts more than 1,000 new residents each year, while only 200 building permits are approved annually. 

“Based on the growing need for quality housing in the region, we were able to demonstrate the strength of our planned project, as well as the benefits this development will deliver to the City of Napa.”

Vista Tulocay will be situated on a currently vacant 20-acre parcel adjacent to the Napa River and within biking distance to Napa’s vibrant downtown core. The development will occur in two phases: 
 Phase I, which was recently approved by the Napa City Council, will include 282 apartment units on approximately 12.5 acres. BLT Enterprises plans to begin development on this phase immediately.

Rendering of Planned Phase I, Vista Tulocay Residential Development, Napa, CA

Phase II, which is currently being designed and will be presented to the City for approval in the near future, is planned to include between 98 and 218 additional residential units on eight-acres.

            “The entitlement of Phase I is a tremendous milestone that marks the culmination of many years of collaboration between our firm, the Gasser Foundation and the City of Napa,” explains Shawn Guttersen, a Partner at BLT Enterprises who was integral in securing the entitlements for the project. 

“This is a historically strong market that has recently been defined by high rents and extremely low, sub-2 percent vacancy rates,” Guttersen explains.  “Our planned development marks the largest influx of housing in the city in the past five years.

“We are truly committed to serving the housing needs of the Napa community as a whole, and we are eager to begin development of this exceptional project.”

For a complete copy of the company’s news release, please contact:

Devin Ugland/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

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