A long-empty slice of Fremont’s Centerville district is finally headed for a major makeover, with a new owner planning to pack the site with nearly 300 affordable apartments near transit.
Today, USA Properties Fund paid $11.5 million for a nearly three-acre parcel off Fremont and Peralta boulevards, according to the San Francisco Business Times. The deal advances long-discussed plans for the Centerville Plaza Apartments, which city documents describe as a major affordable housing addition to the neighborhood.
What’s Planned at Centerville Plaza
City of Fremont planning materials describe Centerville Plaza as a multi-building, 100% affordable community with 290 units. Phase 1 is centered on a five-story building at 37358 Fremont Boulevard, with additional buildings expected to fill out the rest of the block over time.
The city says the apartments are intended for households earning roughly 30% to 80% of area median income, and plans call for ground-floor retail and streetscape upgrades to stitch the project into the surrounding neighborhood. Interested residents can add their names to the city’s affordable housing interest list for updates and application information through the City of Fremont.
Funding and Approvals
A staff report from the California Municipal Finance Authority outlines an initial $60 million financing package for Centerville Plaza. The plan includes a $12.85 million subsidy loan from the City of Fremont, combined with tax-exempt bonds and low-income housing tax credit equity, according to the California Municipal Finance Authority…