May 8, 2012 — Sacramento Mayor Kevin Johnson, Councilmember Jay Schreiner, Assembly member Roger Dickinson, and a gathering of community leaders joined Related California today for the groundbreaking of The Arbors at Oak Park.
The Arbors at Oak Park is a new mixed use development located at Broadway and Martin Luther King, Jr. Boulevard, a high profile intersection that plays a significant visual and economic role in surrounding neighborhood. The development, which was assisted by the Sacramento Housing & Redevelopment Agency, will create 55 affordable senior apartments and one manager’s unit with a library/multi-purpose room, fitness center, Resident Services Program, garden area, and over 4,000 square feet of market-rate commercial space. The development includes and will complement the recently completed streetscape and intersection improvements at Broadway/MLK and a proposed streetscape improvement project along MLK.
Now in construction on a property that has been vacant and blighted for 30 years, The Arbors at Oak Park represents a significant step towards revitalization of the Oak Park District of Sacramento. The $15 Million development will create as many as 40 full time and 30 part time construction jobs.
Diane Hollins Gunning, a neighborhood leader who worked for almost a decade to win city approval of the project said, “The neighbors adjacent to it will have a place to shop. Seniors add a vibrant component to the community. They will be helping out with reading components with the young children, and they provide a stabilizing force in the community. So, this will be a good project for the community.”
“Related California has produced over 8,900 units of top-quality infill development and affordable housing in California since our inception in 1989, but this is our first project in the City of Sacramento,” remarked Bill Witte, President of Related California, “We are grateful to have such high quality partners in the community and local government to bring The Arbors at Oak Park to fruition.”
The Arbors at Oak Park is financed with an allocation of 9% Low Income Housing Tax Credits with equity provided by Union Bank of California, a subordinate loan and land acquisition loan from the Sacramento Housing Authority as successor housing agency to the Sacramento Redevelopment Agency and a construction loan from Union Bank of California.[button href=”www.relatedcalifornia.com” style=”flat” size=”medium” color=”#dd3333″ target=”_blank”]FOLLOW RELATED CALIFORNIA[/button]