710 Hamilton Street Affordable Housing Development
San Mateo County > Department of Housing
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Submission Instructions
Description
San Mateo County, through its Department of Housing, is seeking a developer team consisting of a developer, owner, and property manager to redevelop the County-owned 710 Hamilton Street site into at least 70 mixed-income rental housing units. The proposed project should include primarily one- and two-bedroom units, with optional three-bedroom units, rent levels materially below comparable downtown market-rate housing, and the highest housing preference for employees of public agencies within San Mateo County. The selected team would develop, own, maintain, and manage the improvements under a long-term ground lease while the County retains ownership of the land. Proposers must demonstrate relevant affordable, deed-restricted, mixed-income, or public-sector employee housing experience; financial, organizational, staffing, ownership, asset-management, and property-management capacity; and qualifying projects in the nine-county Bay Area. The proposal must include a conceptual development program, site and massing drawings, financing strategy and pro forma, marketing and lease-up plan, community outreach plan, resident services plan, organizational and financial documentation, qualifying-project forms, resumes, and other required forms and narratives. The County may contribute up to 80% of total development costs, expects repayment with a modest return over an approximately 40-year horizon, and intends to avoid reliance on Low-Income Housing Tax Credits where feasible. The agreement term is five years, with subsequent negotiations potentially leading to an exclusive negotiating agreement, predevelopment loan, development and disposition agreement, ground lease, and regulatory agreement.
Classification Codes
Smart Codes
Specifications
Timeline
Requirements
- Comprehensive General Liability — $1,000,000.00
- Motor Vehicle Liability Insurance — $1,000,000.00
- Workers' Compensation
- Professional Liability — $1,000,000.00
- Minimum 4 references
- Within the last 10 years
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