The Core Companies team at the groundbreaking
Before joining Urban Catalyst, members of our leadership team amassed decades of collective experience developing projects in the Bay Area. Today I’m happy to feature one of those projects: Agrihood.
Agrihood is a great project, and Paul Ring, our EVP of development and construction, was instrumental in making it happen.
What makes this project so distinctive is that it features, as its name implies, a farm. Just yards away from the traffic and hubbub of Westfield Valley Fair and Santana Row, a 1.5-acre farm will sprout. This urban farm will be professionally run and provide produce for Agrihood residents at deeply discounted prices.
Ground was broken Sept. 15 for the Santa Clara project, a 5.8-acre development that will feature 361 apartments, including 181 dedicated below-market rate homes for people 55 years-old and older and senior veterans. Agrihood will feature open space for public uses as well as space for retail.
Here’s some background: Decades ago, when Santa Clara was known as the Valley of Hearts Delight, the University of California owned and used the land for agricultural research. The city of Santa Clara eventually bought the property from the state and planned to rezone it for private single-family home and below-market-rate senior housing. But some in the community wanted the property to maintain an agricultural use.
Paul, who at the time was vice president of development for Core Companies, the lead developer, was instrumental in creating the compromise plan that is becoming a reality. First residents are expected to move in in 2023.
Congrats to Paul, Core Companies and the City of Santa Clara for bringing Agrihood to our community.
Contact us today to learn more about our FUND II. Just a reminder that the potential 10% reduction of capital gains taxes disappears on Jan. 1, 2022.
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