STOCKTON — After Visionary Home Builders acquired a foreclosed downtown office building in 2015, it wasted little time before revealing renovation plans that would convert the site into affordable housing, with onsite social services, for military veterans and their families.
But securing financing took longer than expected, delaying the renovation and repurposing of the vacant building at 804 N. Hunter St.
The wait, however, appears to be almost over. A city council vote Tuesday night, Visionary CEO Carol Ornelas said Monday, is the only remaining item on the financing checklist still to be crossed off.
The council is scheduled to vote on whether or not to approve the issuance of up to $30 million in multifamily housing revenue bonds by the California Statewide Communities Development Authority (CSCDA) — an agency that includes Stockton and 520 other California cities, counties and special districts.
“We’re very, very excited,” Ornelas said. “We’re ready to rock ‘n’ roll.”
The city will not be taking on any additional debt if the council gives its approval Tuesday night, according to a staff report. The council previously gave its approval 14 months ago, but that approval is nearing its expiration date.
The finished Hunter Street project is to have 74 apartments, two for onsite managers and the rest for residents. Plans call for six studios, 21 one-bedroom units, 21 two-bedroom units and 24 three-bedroom units.
It will be available for households with incomes that are no more than 60 percent of the area’s median income, and veterans and their families will make up a large portion of the residents, Ornelas said. Rents are expected to range from $516 to $919 a month. Catholic Charities will handle case management for residents, helping them gain access to services for veterans, health care and transportation.
“All the financing is in place” pending the council vote, Ornelas said.
The Hunter Street project is one of at least three new affordable-housing developments pegged for downtown Stockton in the next couple of years.
Visionary also is continuing its longstanding effort to develop Grand View Village, an affordable housing and retail project that would be near the downtown movie complex.
Closest to opening is Anchor Village, a Newport Partners project that broke ground several months ago at Fremont and Hunter streets. When Anchor Village opens, it will provide another affordable-housing development for veterans just down the street from Visionary’s Hunter Street project.
Also Tuesday, the city council is scheduled to vote on a proposed contract that would bring the Sacramento Kings’ G League team to Stockton Arena and on whether to sell 1.6 acres in southeast Stockton that would be developed into a 1.6-acre health care/retail/housing development by STAND Affordable Housing. If approved, STAND’s price tag will be $1.
Contact reporter Roger Phillips at (209) 546-8299 or firstname.lastname@example.org. Follow him on Twitter @rphillipsblog.