South Street Family Apartments – MF Project Set for Urban Infill Site

March 25, 2015

SAN LUIS OBISPO, CA—General contractor, ROEM Corp., in partnership with Housing Authority of San Luis Obispo (HASLO), celebrated the groundbreaking of South Street Family Apartments, a 43-unit sustainable multifamily project at 309 South Street in the South Street corridor near downtown. Construction duration is tentatively set for 15 months with estimated completion slated in spring 2016. The $14.1 million project will provide housing to families with annual incomes at or below 60% of the San Luis Obispo County Area Median Income.

The price per unit is approximately $327,900. The project will feature one-, two- and three-bedroom rental homes with unit sizes ranging from approximately 570 square feet to 1,010 square feet. Amenities will include a community room with a kitchen, a laundry facility, a homework center, a courtyard area with a barbecue, an outdoor playground and a bike storage room.

“HASLO is very pleased to be part of this very complex public-private partnership that addresses the Central Coast’s workforce housing need,” says Scott Smith, executive director of HASLO. “The result is a permanent affordable housing resource. The affordability and location close to jobs are ideal. Reduced job commutes will enhance quality of life, and affordable rents will enable family investment in other essentials like education, healthcare and quality childcare.”

Designed by national architecture and planning firm, KTGY Group Inc., the contemporary mix of urban-industrial and craftsman-style architecture will complement the 1.53-acre urban infill site. The sustainable development will comply with CALGreen building codes and LEED-H Gold certification will be pursued through the use of numerous energy-efficient systems.

“Our goal is to reshape public perception of affordable housing,” said KTGY principal Keith Labus, AIA, LEED AP. “South Street Family Apartments will be a tremendous asset to the city of San Luis Obispo.”

In addition, significant stakeholder consideration was given to the appropriate level of density as an important infill component to the residential transition along the corridor.

Derek Allen, vice president of operations with ROEM Corporation, tells, “Both higher and lower unit count programs were considered before arriving at a 43-unit scheme, which received majority support from the surrounding community, key city staff members and elected officials. The 43-unit program also allowed us to utilize a more efficient construction system which reduced project costs, improved tax credit competitiveness, and reinvested savings into building finishes and resident amenities.”

“ROEM is proud to partner with HASLO and the city of San Luis Obispo,” said Robert Emami, president of ROEM Corporation. “This development has been several years in the making and thanks to our wonderful financing partners and strong local support, we will soon complete beautiful new apartment homes for local working families.”

The project has received financial support from a variety of sources, specifically HASLO, the Department of Housing and Urban Development, the City and County of San Luis Obispo, Citi Community Capital and AEGON Group. Construction and permanent financing will be supported by tax credit financing and loans from Citibank.

“AEGON is excited to play a part in providing 43 critically needed new housing units to the residents of San Luis Obispo,” said Gary Howe, director of AEGON USA Realty Advisors. “San Luis Obispo is already a desirable community for residents and visitors; South Street Family Apartments will help to keep it accessible to those struggling to find housing in an extremely competitive market.”

As reported last year, ROEM Corporation also was part of the Camino del Rey Senior Apartments affordable multifamily development in Santa Clara.