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Developer says financing constraints, Measure A commitments make apartments infeasible at Agrihood site

Core Companies / Community meeting · November 12, 2025

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Summary

Core Companies told residents that financing and program eligibility constraints — not community preference — drove the decision to propose 44 for‑sale townhomes instead of building the previously approved 160 apartments at the Agrihood site.

Core Companies used Thursday’s community meeting to explain in detail why it is seeking to pivot from the 2019 approval for roughly 160 rental apartments to a 44‑unit for‑sale townhome plan.

Vince Cantore said the company examined multiple development options — high‑density apartments, assisted living, and other affordable models — but encountered financing barriers. He told attendees the site does not qualify as a Qualified Census Tract (QCT) or a Difficult‑to‑Develop Area (DDA), designations that can make affordable projects more competitive for state and federal subsidy programs. "This site does not have those designations," Cantore said, and he added that Measure A funds used to help deliver the senior project (about $23.5 million was cited) are already committed and cannot be redeployed to the market parcel.

Cantore also referenced programs such as ASEC (a state pairing of affordable housing and greenhouse‑gas‑reducing infrastructure) and said the site does not compete well for those resources. The developer said institutional investors and affordable‑housing financing structures currently offer lower returns or do not align with this parcel’s characteristics, leaving townhomes as the most viable option to finish the project and sustain the commons.

Residents questioned comparisons with other local higher‑density projects; Core representatives acknowledged continuing debate about density but said the decision is driven by market and financing realities rather than preference. The developer said completing the community now — including the cafe, farm and senior housing already occupied — provides neighborhood benefits that a site left vacant would not.