Developer introduces affordable studio project at former Apple Bank site; details limited
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Summary
At the June 30 meeting a developer (VRC) introduced an early-stage plan to convert the old Apple Bank building into what they described as about 100 studio units targeting very-low-income households; attendees said the project is at an early stage and will return with financing and syndication details.
Members of the housing and land‑use committee told the full board on June 30 that VRC (presenter) introduced an early concept to convert the former Apple Bank property into an as‑of‑right residential project.
Committee members described the proposal as roughly a nine‑story building with just over 100 studio units targeting households with incomes described in the meeting as below $27,000 per year. The project representative said the building is expected to be marketed through the city's housing portal when units become available; committee members asked for additional information on syndication, financing, and the lender, and were told VRC would return with those details at a later date.
Why it matters: The proposed conversion would add permanently affordable studio units in the CB11 district and could be reachable via the city's housing lottery process once the developer completes financing and regulatory steps.
Next steps: VRC will return to the committee with additional details, including financing, syndication, and application process timing. Committee members indicated they expect a later presentation when more materials are available.
