Laureola Oaks Housing Project Opens

Announcing....

The San Carlos Redevelopment Agency and the Mid-Peninsula Housing Coalition are proud to announce that the Laureola Oaks affordable housing project will officially open on Wednesday, November 2, 1994.

No longer the "Old Corporation Yard" on the corner of Industrial Way and East San Carlos Avenue, this site contains sixteen (16) garden style townhouses comprised of 4 one-bedroom, 6 two-bedroom, and 6 three-bedroom apartments. Simple wood-frame construction was used, and a roofing system of staggered gables was designed to be compatible with the architectural context of the residential community neighboring the development.

An extensive community outreach program was conducted by the San Carlos Redevelopment Agency, the City of San Carlos staff and the Affordable Housing Task Force Committee to pave the way for completion of this project.

The Project

The Laureola Oaks Affordable Housing Project consists of 16 units of affordable rental housing on approximately 0.8 acres of land located at 907 East San Carlos Avenue. This development serves working families earning 35% - 60% of the area median income, or approximately $15,000-$37,000 annually, depending on family size. The units are attractive two-story garden apartments and townhouses of a variety of sizes.

Ownership and Management

Mid-Peninsula Housing Coalition, a developer and owner of more than 2,400 affordable units in the Bay Area, owns the development through an affiliate. Mid-Peninsula Housing Management Corporation (MPHMC) manages the development. MPHMC currently manages 34 complexes in the Bay Area.

Project Financing

Total project cost was approximately over $2 million. Laureola Oaks was made possible by financing through a number of funding sources. A loan to finance the purchase of the property was provided by the City of San Carlos. Construction financing was provided by Mid-Peninsula Bank of Palo Alto and The County of San Mateo Department of Housing and Community Development. Permanent financing was placed by EurekaBank, the State of California Department of Housing and Community Development and private investment through the Federal Low-Income Housing Tax credit program.

Development Schedule

Mid-Peninsula and the architects worked closely with the community and the City to complete the development's design and site layout. Approval for a zoning charge to Planned Community was obtained from the City Council. Mid-Peninsula worked with the neighborhood and the City to insure the success of this project. The Development was completed in September of 1994 and was rented up at that time.

Development Team

Alex Seidel of Seidel/Holzman was the project architect. Seidel/Holzman has received numerous design awards for its work. Smith and Smith of San Francisco was chosen as the landscape architect. The project's General Contractor was Lyntrak Construction.

Legal counsel for Laureola Oaks was provided by Ware and Friedenrich of Palo Alto and Laura McKellor Esq. Joel Rubenzahl of Community Economics was consultant on the project.

Project Acknowledgements

Laureola Oaks, an affordable rental family housing development, represents the culmination of hard work and careful planning beginning with the initial studies during the adoption of the East San Carlos Specific Plan though the actual design of the complex. Mid-Peninsula Housing Coalition is proud to have been part of the innovative project review and approval system implemented for this development and would like to thank the City of San Carlos, the Affordable Housing Task Force Committee, and the Laureola Community for their support and ongoing assistance with this development. A special thanks goes to Steve Watry, Economic Development Director for the City of San Carlos, and his staff for their tireless effort and support for Laureola Oaks and Mid-Peninsula Housing Coalition.

For More Information:

If you want more information about this project, you can send an Internet electronic mail message to scarlos@crl.com or you can contact one of the following individuals:

Fran Wagstaff

Executive Director

Mid-Peninsula Housing Coalition

(415) 299-8000

Steve Watry
Economic Development Director
San Carlos Redevelopment Agency

(415) 802-4209

Mid-Peninsula Housing Coalition

658 Bair Island Road, Suite 300

Redwood City, CA 94063

Phone: (415) 299-8000

Fax: (415) 299-8010

San Carlos Redevelopment Agency

666 Elm Street

San Carlos, CA 94070-3085

Phone: (415) 802-4209

Fax: (415) 595-2044

Internet E-Mail: scarlos@crl.com

Internet Web Server: http://www.abag.ca.gov/abag/local_gov/city/san_carlos/schome.html