Downtown Site Planned for Future Senior Housing
Roseville City Council approved a purchase and sale agreement with Bridge Housing Corporation for senior affordable housing in Downtown Roseville. Escrow is estimated to close in 2023 or 2024.
The proposed development plan includes a 55,506 square-foot affordable senior apartment building at 505 Royer Street, ranging from three to five stories. The 1.17-acre location will have approximately 70 age-restricted housing units for residents with income levels between 30% - 50% of Placer County’s median income. The adjacent parcel at 300 Taylor Street will include a 61-space parking lot.
“Downtown Roseville has seen a significant transformation in the last decade. The addition of much-needed housing will further economic momentum in the area,” said Economic Development Manager Wayne Wiley.
Resident amenities include a community room, courtyard, and garden area with raised planter beds providing outdoor recreation space. The apartments will also have convenient access to nearby Royer Park, a six-mile-long paved trail, library, public transit, downtown events, restaurants and retail stores.
This additional housing will help the City of Roseville meet the State of California's affordable housing obligation which specifies the number of units required in each community.
Funding
Proceeds from the property sale, totaling $650,000 minus escrow fees and taxes, will go to the City’s Strategic Improvement Fund. This fund is used for periodic strategic investments on behalf of the City.
Typical of affordable housing funding structures, the project will be financed by various federal, state, and local funding sources and private equity.
Economic Impact
The sale of the property will spur several hundred jobs in construction, service and professional industries and generate approximately $32 million in capital investment.
Site Background
The project site was previously owned by Placer County and used as a courthouse. After acquiring the property in 2014, the City of Roseville explored options for the site to support ongoing economic development.
Following recent state legislation, the City was required to offer the property for affordable housing before being made publicly available for sale. In response, Bridge Housing Corporation proposed purchasing the property for the development of a senior affordable housing project.
