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| Kasey Burke |
SAN CLEMENTE CA – Meta Housing Corporation has announced the
completion of the $32.4 million Cotton’s Point Senior Apartments, a
76-unit, affordable housing community for seniors aged 62+ in the seaside
community of San Clemente, Calif.
“This new development delivers much-needed affordable
housing to the City of San Clemente,” said Kasey Burke, President of Meta
Housing Corporation.
“With the support of the City and County, we were able to
transform a blighted, abandoned restaurant on an underutilized lot into a
beautiful, amenity-rich community that will significantly enhance the vitality
of the City of San Clemente.”
The property is located at 2358 N. El Camino Real, San
Clemente, Calif. The community began
leasing in June of 2014, and is 95 percent occupied.
Western Community Housing acted as both a co-developer and a
general partner for the project. Public sector financing for the new
development was provided by the City of San Clemente, which contributed $3.016
million to the project; the County of Orange, which contributed $1.654 million;
the Mental Health Services Act (MHSA) program, which contributed $1.622
million; the State of California Multi-Housing Program (MHP), which provided
$5.480 million; and the Federal Home Loan Bank of San Francisco’s Affordable
Housing Program (AHP), which provided $760,000.
Cotton’s
Point Senior Apartments was designed in a Spanish Colonial Revival-style by YM
Architects, and delivers scenic views of the ocean and a nearby golf course.
Located on a hillside near the Interstate 5 freeway, the project is adjacent to
a steep riparian ravine, which created some initial design and construction
challenges, according to Meta Housing Project Manager Tim Soule.
“Two distinct challenges emerged based on the site location
that required deep development expertise to circumvent,” Soule explained. “The first was the property’s height, which
needed to remain low in order to ensure that other properties in the
neighborhood retained their ocean views.”
For a complete copy
of the company’s news release, please contact:
Lexi Astfalk/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
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