Cushman & Wakefield announced the firm has brokered the sale of a ±2.58-acre undeveloped site at 41st Avenue and Soquel Drive in Soquel, California. The Santa Cruz County property was acquired by Pacific West Communities, Inc. for $10.35 million. Pacific West Communities, Inc., with development partner Linc Housing plan to construct a new 289-unit residential development comprising 100% affordable housing with approximately 333,255 square feet of gross building area.
Reuben Helick with Cushman & Wakefield facilitated the land sale transaction. The seller was Blam Jade LP, owned by Don Groppetti, of the Groppetti Automotive Family, which after gaining approvals to build a Nissan auto dealership and services facility, decided not to proceed with construction. The site has never been occupied.
Pacific West Communities Inc.’s new housing project is slated to consist of two five-story affordable multifamily buildings over an at-grade podium garage with approximately 240 parking stalls and elevator access to all levels. The unit mix will comprise 118 studio units (432 SF), 103 one-bedroom units (636 SF), 13 larger one-bedroom units (709 SF), 22 two-bedroom units (834 SF), and 33 three-bedroom units (1,140 SF). Common amenities are expected to include laundry facilities, on-site management and services, and a large community room, a fitness center and playground.
“This new exciting, high quality residential development will bring much needed affordable housing to the residents of Soquel and the broader Santa Cruz County/Central Coast market and aligns favorably with the desires of many in the community,” said Reuben Helick, Managing Director.
“The location is situated at a prime intersection that is also convenient to Highway 1, making it highly accessible for commuters as well as walkable to an abundance of retail, shopping, restaurant, and recreational activities surrounding the project. The property is also proximate to the Central Coast’s renowned beach locales, including Capitola and Santa Cruz Beach Boardwalk,” added Helick.
Of note, the buyer also separately acquired an additional ±0.12 acres (5,000 sf) of land abutting the ±2.58-acre sale site, bringing its total ownership to ±2.7 acres to develop the new affordable housing project.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
