Friday, February 26, 2010

Funds for the La Valentina Project

Next Tuesday the City Council will defund $1 million towards the La Valentina project in State Housing Trust Funds and then allocate $1 million in City Housing Trust Fund funds as a loan to the 12th Street Partners, L.P. (Developer) for construction and permanent financing of the project. 12th Street Partners, L.P. will also be receiving loans from Redevelopment Agency of the City of Sacramento and the City Council in the amounts of $7,035,000 to assist in funding the costs of construction and permanent financing of the project. The total cost to build the proposal is estimated at $30 million.

The proposed La Valentina project will consist of a mixed-use, transit-oriented development. Located on two adjacent sites separated by D Street along the east side of the 12th Street corridor adjacent to the Alkali Flat/La Valentina Light Rail Station.The proposal will include a 1,300 square foot cafe, 5,000 square feet of commercial/retail space, a 2,000 square foot community room, a property management office, a play area for resident children, and parking on the ground floor. There will be 63 affordable rental units located on the second, third, and fourth floors. Over the past 18 years, the City of Sacramento and three different development teams have unsuccessfully attempted to revitalize the La Valentina site. Construction should begin in this year.


gilli said...

good looking development - good to see it so close to light rail. too bad these projects still require city financing. I await the day developers build these projects without subsidies from the city. On another note, has anyone seen schematics of the proposed east sac target? I'm anxious to see the design - please tell me there is subgrade parking and housing incorporated!

Zwahlen Images said...

Targets remodeling the former Golden 1 Credit Union building and expects to open a 135,000-square-foot store at 65th Street next October. I will look like all the other suburban Target stores.