The non-profit builder has been tapped to build 90 senior apartments. They'll be income-qualified to fulfill the project's requirements that part of it be set aside for affordable housing.
Developer Paul Petrovich plans more than 500 residences in all between the historic neighborhoods of Land Park and Curtis Park.
For Bridge, it's a definitive new announcement in a strategy that is taking it eastbound of the Bay Area and into Sacramento.
"We have thousands and thousands of units in the Bay Area, and are kind of moving toward Sacramento, Stockton, Solano County and West Sacramento," said Bridge Vice President Brad Wiblin. The non-profit builder claims it's built 13,000 dwellings in California since its founding in 1983. About 2,000 are senior apartments and condominiums.
The newly-minted deal calls for Petrovich to provide 1.3 acres of land to Bridge at no cost, build the infrastructure and a sound wall between the apartments and nearby railroad tracks. Bridge Housing will build and manage the apartments, said Wiblin.
Bridge, specializing in bond funding and tax-credit financing, is doing more deals in Sacramento. Wiblin said the non-profit firm is in contract to buy a site in downtown Sacramento, though he declined to disclose the site. It's also allied with the West Sacramento Redevelopment Agency and Sacramento-based Fulcrum Property to build 70 income-qualified apartments in the city's riverfront Bridge District.
The Curtis Park Village apartments are years from a move-in date. Petrovich needs approvals from the City of Sacramento and the state of California to begin construction. First on the agenda: City Hall votes in February and March to win certification of the project's Environmental Impact Report.