2000 Delaware, a Multifamily Rental Property, to Serve Moderate Income Households in San Mateo, CA

2000 Del RenderingApartments available in August 2015 will prioritize public-sector employees

SAN MATEO, CA (May 6, 2015) – As the cost of housing in the Bay Area continues to increase and place an undue burden on working families, Westlake Urban (www.westlakeurban.com) and Palo Alto Partners are pleased to announce 2000 Delaware, a newly constructed, multifamily rental property for moderate income households in San Mateo, CA. 2000 Delaware is currently accepting applications from interested tenants who must qualify according to terms outlined by the City of San Mateo. Priority will be given to public sector employees including the City of San Mateo and employees of the San Mateo/Foster City School District. Visit http://delaware2000.com/ to learn more and to be placed on the project’s interest list.

2000 Delaware is a pedestrian-friendly, transit-oriented development with 60 contemporary two-bedroom units. The project is located within a short walk of CaltrainSamTrans and local retail, and it offers a variety of amenities, including a washer and dryer in each unit, a fitness facility, a large community room, bike storage, covered parking and a landscaped courtyard with a children’s play area. 2000 Delaware is the City of San Mateo’s largest workforce housing project to date.

The project is part of a 120 unit affordable housing community, which includes two separate buildings over a single garage podium. The north building, known as Delaware Pacific, includes 60 units for low-income households and was developed by MidPen Housing Corporation. Both 2000 Delaware and MidPen’s Delaware Pacific share common amenities.

2000 Del Construction“2000 Delaware couldn’t come at a better time,” said Gaye Quinn, Managing Director, Westlake Urban “San Mateo is experiencing unprecedented growth and needs quality, affordable housing for the teachers, police officers, fire fighters, nurses and city employees who make day-to-day life possible. Our communities simply couldn’t survive without them.”

“The City is excited to see this phase of the project come on the market,” said Sandra Council, Neighborhood Improvement and Housing Manager, City of San Mateo. “From the beginning the City Council envisioned a mixed income housing development for the community.”

“There are so many working households in San Mateo at all income levels that cannot keep up with the rising rents,” said Council.  “This project is a rare opportunity to address that situation for those with moderate incomes and offer some stability so they can continue to live and work here.”

“Without the City of San Mateo’s vision and its commitment to housing affordability, this project could not have happened,” said Quinn.

To qualify, annual gross household income must be below 120% of median income in the County of San Mateo. The rental rate for the 2 bedroom units is expected to be approximately $2,510 per month (adjusted for household size).

Please refer to the chart below for current income limits, which are subject to change. The minimum annual gross household income for qualified applicants is $75,300.

“Palo Alto Partners in partnership with the City of San Mateo and Westlake Urban established what we believe to be an excellent model to provide much needed workforce housing, and we hope to be able to replicate this model in other cities in the greater bay area,” said Mike Wiley, Managing Member, Palo Alto Partners.

About Westlake Urban
Westlake Urban, LLC is a family-owned, full-service real estate development company created to lead the redevelopment of Westlake Realty Group’s income property and land portfolio. Based in San Mateo, CA, Westlake has been in business in the San Francisco Bay Area for over forty years and has had a consistent commitment to investing for the long term. Westlake Urban is committed to connecting people, places, ideas and technology to build properties that add vibrancy to communities in the Bay Area and beyond. Visit www.westlakeurban.com for more information.

About Palo Alto Partners
Palo Alto Partners has over 70 years in combined experience in all facets of the real estate field including design, engineering, construction, entitlement and marketing. Palo Alto Partners has worked with private for-profit and non-profit developers, cities and counties throughout Northern California on commercial, multi-family and single family developments, as well as infrastructure and public works projects.

West Coast Commercial Real Estate News