Woodside Road, Hallmark Apartments Update
Earlier this fall, the City of Redwood City provided an update on Hallmark House Apartments, a 72 unit apartment complex located at 531 Woodside Road in Redwood City. At the time, the owner had been working with their finance partners in order to rebuild the property. Unfortunately, the City was recently informed that the owner was not able to work out financing options. Instead, the owners have decided to sell the property. Once the property is sold to a new owner, the City will work with the new owner to move forward the construction that is still needed due to fire damage as a result of a fire that took place in 2013 and displaced all residents.
Regardless of the new owner, the City loan requires Hallmark House Apartments to stay affordable. In 2003 the City provided a loan to KDF Communities to assist with the refinance of Hallmark to convert the property from market rate rental to below market rate rental. The terms of the City loan require the units to be affordable to very-low income households until the year 2058. The rent restrictions in place prior to the fire will continue when the project is rebuilt.
This property will remain on the list of affordable housing options in Redwood City.
To learn more about affordable housing, go here.
To learn about other current Redwood City projects, go here.