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6/21/16
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Charlotte Park Apartments, a 200-unit affordable housing project in San Jose, is nearing completion. The project, a development of ROEM Corporation, is located on the former Hitachi Global Storage Technologies campus, a 295-acre, master-planned community that will include condominiums, apartments, attached townhomes, many pocket parks, and a large 10-acre park with a baseball field.
Charlotte Park is situated near the intersection of Cottle Rd and Hwy 85, and within walking distance from the Blossom Hill Caltrain station and the Cottle and Santa Teresa light rail stations. This $46 mil development, with the construction and permanent financing provided by Citi, is affordable to families that make 60 percent or less of the Santa Clara County Area Median Income and provides an amenity-rich residential experience.
ROEM Corp satisfied most of the affordable housing requirement of the Hitachi master-planned community, with ROEM Builders Inc, acting as both general contractor and construction manager.
“While inclusionary housing policies provide a major source of funding for affordable housing, they can significantly reduce a developer’s return and create long-term obligations,” said Alex Sanchez, Executive Vice President of ROEM Corporation. “Our market-rate developer partners recognize the benefits of having ROEM act as their third-party general contractor. We assume their affordable housing obligations and pay the in-lieu fees while designing and building high-quality affordable housing that seamlessly blends with their market-rate housing. About 430 of our more than 3,000 new affordable housing units completed since 2000 were built by ROEM for a market-rate developer.”
Charlotte Park Apartments gained an efficiency of management thanks to two other ROEM developments – Oak Grove Apartments and LEX Apartments – being constructed simultaneously within about a half-mile radius. Although these are separate projects managed by separate teams, ROEM was able to share resources from time to time because of their close proximity.
With ROEM’s emphasis on sustainability, Charlotte Park will be pursuing USGBC LEED Gold certification. Because both solar thermal heating and solar photovoltaic power sources are being installed, Charlotte Park has the potential to save up to 85% on utility bills when compared to electric water heating. Per LEED standards, all apartments have high-efficiency flush toilets and faucets as well as “Evolve Roadrunner” showerheads that are thermostatically controlled. In addition, Charlotte Park integrates efficient landscape design by using native species and zero turf on a lot designed to capture and treat all stormwater.
The amenity-rich, four-story apartment building (with a 230-space parking garage) includes a courtyard with outdoor barbecue, dining area, tot lot and lounge area; community room with media alcove, kitchen and entertainment area; storage area; homework and computer room; and laundry facilities. Apartments will be equipped with Energy Star refrigerators and dishwashers, blinds, carpet, coat closets, and electrical four-burner stove/ovens.
With completion slated by the end of June, Charlotte Park is already fully leased.
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