On Tuesday, the Marin County Board of Supervisors approved the expansion of an existing financing package to accommodate the construction of a multifamily affordable housing project in Mill Valley. It constitutes about half of the units originally planned for a single 74-unit building in Marin City.
After residents of Marin City protested the scale and placement of the original development at 825 Drake Ave., an alternative agreement was made in early 2025 between the developer, Caleb Roope of The Pacific Companies, and the county. The project was split in half — 42 units in Marin City, and 32 units would go to a site at 156 Shoreline Highway in Mill Valley.
The California Municipal Finance Authority, a joint powers agency that approves tax-exempt bonds to finance housing and infrastructure projects, had previously issued $40 million in tax-exempt bonds for the Drake Avenue project. Now that there is a second building to accommodate, CMFA proposed expanding that package to $60 million…