City of Buena Park, City Ventures and Jamboree Break Ground on Development of New Urban Neighborhood
BUENA PARK, CA – A major step forward in the City of Buena Park’s revitalization initiative will be achieved Tuesday, March 10 when two residential development firms – City Ventures and Jamboree Housing Corporation – join with city officials and staff to break ground for two new housing projects on a site that used to include the old Buena Park City Yard. The two developments are the first housing projects to be built on the 10-acre site that was originally purchased by the city for its revitalization initiative before the demise of the city’s Redevelopment Agency in early 2012.
The groundbreaking will be held at 8071 Page Street from 1:30 p.m. to 3:30 p.m. Participants include City of Buena Park staff and elected officials as well as representatives from City Ventures and Jamboree. Interview and photo opportunities are available.
The Parker Collection by City Ventures and Clark Commons by Jamboree represent a unique groundbreaking in Orange County with the simultaneous construction start of a market-rate for sale development and an affordable rental housing community within the same neighborhood. The master-planned neighborhood is a focal point of the City of Buena Park’s revitalization initiative and, when complete, will encompass a neighborhood park and pool and 128 solar-powered townhomes and lofts developed by City Ventures plus 70 workforce apartments developed by Jamboree.
The neighborhood land – purchased from the city by City Ventures and Jamboree for each of their developments – will transform the previously blighted site into a residential development that seamlessly integrates into the surrounding neighborhoods. Before this development, the site included a non-conforming retail center, the city’s public works maintenance yard, an auto repair facility and a commercial/industrial property and other uses.
The walkable neighborhood is one block from a Metro bus stop and 250 yards from the future site of The Source, a major mixed-use retail/entertainment center that will include retail, restaurant, office and entertainment space and a Hyatt Hotel. It is also one-half mile from the Buena Park Community Center and key community services, grocery stores, a pharmacy and department store are nearby. Students will attend Mabel L. Pendleton Elementary School right across the street and the Buena Park Junior High and Buena Park High School, both about a mile from the neighborhood.
“It is encouraging to see our city’s revitalization program move forward with the groundbreaking of these two high quality residential developments by two of Orange County’s top homebuilders,” said Buena Park Mayor Art Brown. “Not only will they provide a diversity of quality housing for families in a central location, but they will serve as catalysts for improving the surrounding neighborhoods and our entire community.”
City Ventures will break ground for The Parker Collection, solar-powered urban development that the company describes as an energetic, central city neighborhood offering townhomes and lofts ranging from approximately 1,172 to 2,048 square feet with up to four bedrooms and attached two-car garages. In addition to the beautiful living spaces, homeowners will enjoy a neighborhood pool, private gated playground and dog park.
Now selling from the low $400,000s, The Parker Collection adds to the series of highly energy efficient “Green Key” homes built by City Ventures to improve the environment while helping homeowners reduce their cost of living. Additionally, 26 of the homes priced from the mid $300,000s will be sold to moderate income buyers with household incomes of up to 110% of Orange County’s area median income (AMI).
“Partnering with cities is a core principle at City Ventures, and the Parker Collection is a paramount example of how a city and a developer can work together to revitalize a community,” said Ryan Aeh, City Ventures land acquisition vice president. “Private capital alone cannot derive the same results; in this instance it took a true give-and-take relationship with both parties committed to the end goal of providing 128 additional families with the opportunity to call Buena Park their hometown.”
The Parker Collection offers the most energy efficient, sustainable new homes available in today’s housing market without any extra cost to the buyers for the solar power systems as well as the advanced energy conserving appliances and other innovations that work together to significantly reduce homeowners’ utility bills.
The homes are furnished with high-performance ENERGY STAR appliances, high-efficiency lighting that reduces electric usage by 15%, dual-glazed windows with ultra-violet coating, and optimum water efficiency both inside and outside the home. High efficiency irrigation and an integrated drought tolerant plant configuration will reduce exterior water use by as much as 20% and a water runoff prevention system that serves the site during and after construction will cleanse water so it can safely drain to the ocean.
Clark Commons is a workforce housing property that will be home to 70 families and is slated to open in spring 2016. Monthly rents will range from $500 to $1,300 for households earning 30% to 60% of Orange County AMI. The one-, two- and three-bedroom apartment homes include energy-efficient appliances, lighting and fixtures.
“This is the second workforce housing property that we have developed in Buena Park and our first in conjunction with City Ventures, and we couldn’t ask for two better partners,” said Laura Archuleta, Jamboree president. “Clark Commons will be a state-of-the-art workforce housing development that’s entirely smoke-free to promote healthy living coupled with special programming and activities for our residents and any Buena Park resident who wants to participate.”
Being developed on a 1.94-acre site, Clark Commons includes 11 one-bedroom, 37 two-bedroom, and 22 three-bedroom units in three- and four-story structures built over a concrete podium deck for parking and a recreation area. The entirely smoke-free development features a large community center with laundry, fitness and technology amenities, outdoor dining and play areas, and the community park. The property also includes a 3,000-square-foot community center adjacent to the street, activating the sidewalk to create a pedestrian-friendly experience for the entire neighborhood while the unique angles of the building structure create dynamic outdoor spaces.
Onsite educational services and health and wellness programs to enrich the quality of family life will be provided by Jamboree’s Resident Services Group at no cost to residents as well as to people who live in surrounding neighborhoods. Activities such as homework assistance and tutoring for young people, plus health and wellness programs, will be provided by an onsite program coordinator who will also be available to assist residents in accessing local community services.
In Jamboree’s ongoing commitment to sustainability, Clark Commons is designed to achieve a LEED (Leadership in Energy & Environmental Design) for Homes certified SILVER rating. Each home will be equipped with ENERGY STAR kitchen appliances, water-saving plumbing fixtures and will exceed Title 24 CalGreen energy efficiency standards. This lowers energy consumption that provides a cost-saving benefit and promotes a healthier environment for residents.
Funding for the $21.9 million Clark Commons development consists of a $4.9 million land donation and $2.8 million in loans provided by the City of Buena Park, and a $17 million construction loan and a $2.9 million permanent loan, plus $18.4 million in 9% tax credit equity provided by the Bank of America. Architectural services are provided by Danielian Associates, summers/murphy & partners, inc. is the landscape architect, and Portrait Construction is the general contractor. Property management will be provided by EPMI, a Bayside Company.
About City Ventures: City Ventures is a rapidly-growing California homebuilder focused on repositioning underutilized real estate into residential housing in supply constrained coastal urban infill areas, as well as high demand suburban locations. City Ventures is based in San Francisco and Newport Beach, California. It focuses on the construction of town homes, condominiums, lofts, mixed use, live-work and single family detached homes in the Southern and Northern California coastal urban infill neighborhoods from Santa Barbara to San Diego and from the San Francisco peninsula through Silicon Valley and the East Bay. City Ventures currently owns and controls over 14,000 lots in California. For more information, visit www.cityventures.com.