REPORT TO COUNCIL
SUBJECT
Title
Action on a Resolution Approving an Affordable Housing Agreement with ZAEN Partners, LLC for the Project Located at 2310 Calle Del Mundo
Report
BACKGROUND
This item was initially scheduled for City Council action at the September 24, 2019 Council and Authorities Concurrent Meeting. The City Council continued the item and asked staff to provide additional information on how the proposal would align with the City's affordable housing goals and the Regional Housing Needs Allocation (RHNA) targets assigned to Santa Clara by the Association of Bay Area Governments (ABAG). The Council also requested more information on the proposal's economic benefit to the City.
ZAEN Partners, LLC ("Developer"), an affiliate of Ensemble Development ("Ensemble"), is the project sponsor for three infill, mixed-use projects within the Tasman East Specific Plan area that would cumulatively include approximately 969 rental apartment units, associated parking garages, up to 30,000 square feet of retail space, approximately 4,500 square feet of leasing space, and approximately 55,000 square feet of amenity space (collectively, the "ZAEN Tasman East Projects"). Ensemble is a full-service real estate development and investments provider that creates real estate in the healthcare, hospitality, commercial and urban multifamily/mixed-use sectors. Ensemble is proposing to enter into a single Affordable Housing Agreement (AHA) with the City of Santa Clara to meet its inclusionary housing requirements for all three projects.
The Tasman East Specific Plan was approved by the City Council on November 13, 2018. The Specific Plan sets criteria on allowed uses, densities, height limits and design elements within the Tasman East area. Development projects within the Tasman East Specific Plan area may be entitled through an architectural review process and are typically not subject to further City Council review.
As per the Specific Plan, ten percent (10%) of all ...
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