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| 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.
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| 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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