A Cupertino-based developer has inked a deal for rental housing for low-income seniors in the city where it’s headquartered.
KT Urban has partnered with The Pacific Companies to develop 48 rental units for low-income seniors at Westport Cupertino, located at 21267 Stevens Creek Blvd. The Pacific Companies are a privately held group of firms that have produced close to 200 multifamily, charter school and special-use projects throughout the Western United States.
The rentals bring the total number of senior living units at Westport Cupertino, KT Urban’s master-planned community, to 206, including 27 memory care residences and 88 single-family homes. The project could break ground this fall.
The Pacific Companies has applied for tax credits from the state to help fund the Westport Cupertino project. If awarded, this funding would allow developers to set rents at 30%-60% of area median income.
“Moving forward with these additional units at even lower affordability levels without any local government subsidies really speaks to KT Urban’s dedication to creating a truly inclusive community,” The Pacific Companies partner Mike Kelley said in a statement.
The Pacific Companies have led approximately 180 projects consisting of more than 10,000 units of affordable housing for seniors, individuals with special needs, working families and professionals. The group of firms includes Pacific West Communities, Pacific Partners Residential, Strategic Growth Partners, Pacific West Builders and Pacific West Architecture.
Westport Cupertino is planned as a mixed-used development, with 20,000 square feet of retail along with the residential units. Planned residential amenities include an onsite library, theater, roof deck and terrace, medical offices, and exercise rooms.
For more information, visit https://www.westportcupertino.com.
Source:: The Mercury News – Entertainment
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