Safehold, Inc., the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the ground-up development of 80 Saratoga, a 200-unit Low Income Tax Credit (“LIHTC“) community in Santa Clara, California. The project will be developed by The Pacific Companies, an Idaho-based firm and prolific developer of affordable housing throughout the Western United States.
The project for 80 Saratoga has been submitted for ministerial review pursuant to California Senate Bill 35 (SB35) for development of 200 affordable rental apartments and 8,625 square feet of commercial development on a 1.98 acre parcel with a Community Mixed-Use General Plan designation. The existing property is a developed site with a two-story vacant office building and one-story automotive repair building totaling 25,962 square feet of building area. The proposal is to demolish the existing structures and surface parking lot to construct a six-story mixed-use building with commercial tenant spaces and podium parking on the first floor and five floors of apartment dwellings above. A total of 29 spaces are allocated to the commercial use and 65 spaces to the residential use for a total of 94 on-site parking spaces.
“We are pleased to establish a relationship with a top tier sponsor in The Pacific Companies,” said Executive Vice President Steve Wylder. “Safehold’s platform has continued to scale across the country and we are excited to be a part of a high-quality development that will provide much-needed affordable housing.”
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.