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The Project Team • CFY Development is unique in combining Visionary Developer Constructor Long Term Owner Property Manager Cyrus Youssefi President John Cicerone General Partner Over 20 years experience in fifteen cities 25 projects with over 2,352 dwelling units CFY is a Single Point of Responsibility
The Project Team • Applied Architecture - Michael F. Malinowski AIA award winning designer and community leader - chair of the City of Sacramento Development Oversight Commission and President Elect of the AIACV • Finance and Legal: Patrick Sablehaus Attorney one of the state’s foremost experts on affordable housing; founder of the California Council on Affordable Housing • Other team members include experts in engineering, marketing, construction management, and landscape Our team and our unique approach insures long term project success
We Create Special Places CFY Housing Projects are underway in Tracy, Wasco, Mojave, Elk Grove, Colusa, West Sacramento and Sacramento; and recently completed in Bakersfield. Stockton, Sacramento and Arvin.
Awards and Recognition Examples of recognition CFY Development, Inc. has recently received for it’s projects: • California Preservation Foundation Historic Preservation Award, Hotel Stockton • J. Timothy Anderson Award for Excellence in Historical Rehabilitation • Resolution of Recognition from California State Assembly • Award of Excellence from City of Stockton – for 4 projects • Building Project of the Year 2004 – American Society of Civil Engineers • Resolution of Recognition – Sacramento County Board of Supervisors • 2004 Home Award – National Association of Local Housing Finance Agencies • Certificate of Recognition – State of California Senate & Assembly • Award of Excellence – Cultural Heritage Board City of Stockton • Award of Merit from HUD • Gold Nugget Award – Pacific Coast Builders
Who We Serve • We are Affordable Housing specialists • Our tenants will be active Seniors 55 or older who will love living downtown where they can walk to shops and parks. • This project will include 80 affordable rental units and one unit for an on-site manager. The senior population of Galt experienced a 47% increase between 1990 and 2000.
Good design starts with the place. What is the character and sense of Place - the ‘heart’ of Galt?
Most residents believe the ‘heart’ of Galt is the intersection of Lincoln and C . I believe this is more a space we pass through than a distinctive ‘place’ with character and heart
There is a wealth of potential at the Historic center - the real ‘heart of Galt’ 4th between B and D The Two ‘centers’
Downtown Galt is an ideal location for a public/private partnership for a mixed use project including Senior Affordable Housing and retail/restaurant/commercial uses.
Site Selection • The Guthmiller site is an ideal candidate for redevelopment and revitalization
From the August 2007 General Plan workshop: • Restore the Downtown • High Quality Design that respects the image and character of Downtown • Foster a Unique sense of PLACE
Galt Place is a great example of Smart Growth • Mixed Use • Infill and Urban • Encourages transportation choice - car, bus, walk, bicycle • High in Resource Efficiency: low energy and land use, support existing infrastructure • Quality Design that creates a sense of place
Design Numbers • 10,000 +/- sq feet of ground level retail, restaurant and commercial • 64 - 1 bedroom apartments of 550 sq ft +/- • 17 - 2 bedroom apartments of 790 sq ft +/- • 81 total apartments with rents from $329 to $849 per month (includes one on-site manager unit). • 70 parking spaces on site - consistent with city standards for this type of development.
Financing • C.F.Y. Development intends to finance the $22.5 million project with a combination of partnership equity-tax credits, conventional mortgage, deferred profit and a loan from the City of Galt Redevelopment Agency of 2.5 million dollars. • The City of Galt will receive an estimated $2.8 million in impact fees at the current rates • This City investment will accomplish many key public objectives in meeting housing needs and downtown redevelopment and business revitalization while being consistent with long established policies and policies.
Financing Compared to Other Cities • Making affordable housing a reality requires a partnership • The loan amount per unit for Galt Place is low compared to the subsidy other cities have provided CFY
Design Information • The Design character is inspired by classic and historic downtown styles. • The Streetscape will present the appearance of multiple smaller buildings typical of historic downtown Galt. • The sidewalk will have retail uses with Storefront glass for a great pedestrian experience and ‘eyes on the street’ for enhanced security.
Schedule Concept Approval September 2007 City Entitlements and Approvals Feb 2008 Construction Documents, Permit Processing, and Loan Origination November 2007 through September 2008 Begin Construction September 2008 Initial Occupancy April 2010 100% Occupied August 2010
What Do We Bring to Galt? • We bring an experienced and proven team, a flawless track record, and a unique way of doing business – a single point of responsibility for development, construction, and management • We bring partnership equity - tax credits that leverage a local loan by a factor of nearly ten – and much greater impact. • We create safe, affordable housing for active seniors who will be customers adding life for Downtown Businesses • We will redevelop a large Downtown parcel that is underused and blighted and implement key parts of the council’s 1995 Downtown Revitalization Plan vision as well as key goals of the new general plan • We will help create a sense of place in the downtown core – bringing back the ‘heart of Galt’ to the historic downtown center.