With financing secured, construction kicks off at Beacon Development Group’s largest project to date.
Beacon Development Group (as a subsidiary of Beacon Communities Inc.) is making large advances in California and none is more visible than the recent work being done in the City of Sunnyvale at the Life’s Gardens Community. Starting in early September, the 204-unit community will undergo an extensive renovation that will improve the quality of housing for residents, allowing them to live independently longer. Additionally, the redevelopment will preserve and extend the HAP, ensuring the property’s affordability for decades to come.
On August 30, the project completed the last piece of financing by successfully closing on the $75 million tax credit partnership. This represents Beacon’s largest single development, and the first Low Income Housing Tax Credit financing that Beacon Development has done in California. We are excited about creating a new partnership with Merritt Capital and CitiBank. More importantly we are excited that the mission of serving and providing affordable housing to all populations in need continues as a core Beacon value.
In speaking on the financial closing, Development Director Cindy Proctor said “I cannot begin to convey the amazing expertise of our staff as we navigated the new financing programs and the heavily regulated energy, construction and building process in California.” We have also forged new relationships on the design and development side which includes Branagh Construction and HKIT Architects. The Community is a BCI owned and managed community in partnership with Sunnyvale Life Inc.
The redevelopment of Life’s Gardens is anticipated to be completed by October 2018. The redevelopment process will be divided into (8) phases to minimize disruption to residents. A kick-off meeting was held on August 10th with the residents and design development team; construction will start September 6, 2016.