South Hills Crossing’s 43 Affordable Multifamily Residential Units Open and Are Fully Leased
SAN LUIS OBISPO, Calif. ― On Thursday, September 8, 2016, the City of San Luis Obispo celebrated the grand opening of South Hills Crossing, a new affordable apartment community by ROEM Corporation in partnership with the Housing Authority of the San Luis Obispo (HASLO). The grand opening celebration was held at 1:00 p.m. at 309 South Street, San Luis Obispo, CA 93401.
“South Hills Crossing represents the coming together of the private sector, HASLO, the City and financial markets to really address one of our community’s top challenges – lack of affordable rental housing. I am excited to see this project come to fruition,” said Mayor Jan Howell Marx, City of San Luis Obispo.
South Hills Crossing stands out as a shining example of how the community benefits when partners come together in the housing industry. Due in large part to the successful collaboration of the Housing Authority of San Luis Obispo (HASLO), City of San Luis Obispo, County of San Luis Obispo, San Luis Obispo County Housing Trust Fund, and ROEM Corporation, 43 families have moved into their new South Hills Crossing affordable apartments. In close proximity to restaurants, services, and entertainment downtown, South Hills Crossing brings permanent affordable housing to this beautiful California Central Coast community.
“South Hills Crossing is an excellent example of what can be accomplished by the community working collaboratively. Together we have created a permanent affordable housing resource for San Luis Obispo close to jobs, services and transportation,” said Scott Smith, Executive Director of HASLO.
South Hills Crossing is affordable to families with annual incomes at or below 60 percent of the San Luis Obispo County area median income. Designed by international award-winning KTGY Architecture + Planning, the $14.1 million development consists of three buildings in a contemporary mix of urban-industrial and craftsman style architectures with 43 one-, two- and three-bedroom units. In step with the community’s love of outdoor recreation and care for the environment, the development boasts a bike storage structure for 44 bicycle spaces (one per unit) in addition to providing 66 surface parking spaces and four motorcycle spaces.
“South Hills Crossing shows what can be done when a public sector collaborative and a for-profit developer work in partnership to begin solving a local problem such as housing affordability,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “While we’re still feeling the effects of the demise of our state’s redevelopment funding sources, and with so many other economic variables working against the goal of providing affordable housing, I applaud the City and County of San Luis Obispo for creating policies that encourage affordable housing developers to build here.”
Currently pursuing USGBC LEED Platinum certification, ROEM incorporated a number of “green” features designed to ensure long-term energy efficiency and sustainability, including both solar thermal and common area photovoltaic systems; energy efficient windows; and natural ventilation with low volatile organic compound (VOC) paints and sealants. Carpet and Rug Institute (CRI) Green Label Plus low VOC carpeting, pads and adhesives, and Energy Star appliances and water-efficient fixtures were also installed.
South Hills Crossing is financed with 9 percent Low Income Housing Tax Credits and Solar Tax Credits, with additional financial support from the City and County of San Luis Obispo, HASLO, San Luis Obispo County Housing Trust Fund, Citi Community Capital and AEGON Group. The architect is KTGY Architecture + Planning and the general contractor is ROEM Builders, Inc.
“AEGON is excited to play a part in providing 43 critically needed new housing units to the residents of San Luis Obispo,” said Gary Howe, Director, AEGON USA Realty Advisors, LLC. “We would like to congratulate all of the partners involved in this development for their efforts in making this project a reality, including ROEM Development Corporation and the Housing Authority of San Luis Obispo, as well as the County of San Luis Obispo, the City of San Luis Obispo, the San Luis Obispo Housing Trust Fund, and Citi Community Capital. This marks AEGON’s eighth investment with ROEM Development and we are confident South Street Family Apartments will be as tremendously successful as the previous seven. San Luis Obispo is already a desirable community for residents and visitors; South Hills Crossing Apartments will help to keep it accessible to those struggling to find housing in an extremely competitive market.”
South Hills Crossing is fully leased.
Guest speakers included: The Honorable Jan Howell Marx, Mayor, City of San Luis Obispo; The Honorable Adam Hill, San Luis Obispo County Supervisor, District 3; Scott Smith, Executive Director of HASLO; Jerry Rioux, Executive Director, San Luis Obispo County Housing Trust Fund; Garry Howe, Director, AEGON USA Realty, Inc.; Alex Sanchez, Executive Vice President, ROEM Corporation; and Rebecca Heinicke, Resident, South Hills Crossing.