Hallmark Apartments (531 Woodside Road)
October 2018 Update
In June, the City of Redwood City provided an update on Hallmark House Apartments, a 72-unit affordable housing apartment complex located at 531 Woodside Road in Redwood City which in 2013 was damaged by a fire that displaced all residents. This blog provides a brief update on City code enforcement efforts underway, the owner’s efforts to restructure the financing and the anticipated rebuilding of the property beginning in early 2019.
Over the last several months, City staff has communicated with the owners of the apartment complex, advocating for them to comply with City codes, issuing fines as appropriate, and urging them to make progress toward rebuilding the apartment complex as affordable housing. Weed abatement was completed this summer, and KDF Communities-Hallmark, LLC representatives have just informed the City that they have come to an agreement with their limited investor to buy them out of the partnership and commence with the rebuild of Hallmark Apartments.
In order to finance this agreement, KDF Communities-Hallmark LLC will request an allocation of tax-exempt bonds and tax credits in November. KDF Communities-Hallmark LLC expects to begin construction immediately following the approval of their application, and anticipates this could be as early as spring of 2019. In addition, KDF Communities staff recently met with City Building and Fire officials to discuss the necessary City approvals needed to resubmit their plans to rebuild.
Looking forward to the anticipated construction, KDF Communities stated that the affordability of the apartments will continue as before the fire: 30% of the units would be affordable at 50% of area median income (AMI) and 70% of the units would be affordable at 60% AMI. The reconstruction plans will include 70 one-bedroom units and one studio. Rent for one-bedroom apartments would range between $1,330 and $1,605.
The City will provide updates on this important affordable housing project, including a construction timeline, as more details become available.
For the City’s previous blog update, go here.