The Gateway will provide 80 units of affordable housing to veterans in Millbrae
Millbrae, CA – The Core Companies, in partnership with Republic Urban Properties, announced today that the Gateway at Millbrae project has been awarded $23,600,000 by the California Debt Limit Allocation Committee (CDLAC). The award is the final piece of a complex funding structure that puts the 80-unit Gateway at Millbrae Station project on track for a Q1 2021 groundbreaking.
CDLAC’s mission is to allocate tax-exempt private activity bond authority for the State of California. The bonds may only be used by the private sector for projects and programs that provide maximum public benefit, with an emphasis on the creation of affordable housing.
The Core Companies Gateway at Millbrae Affordable Veterans project will deliver 80 affordable units, housing residents earning 30-60% of Area Median Income. The landmark Transit-Oriented Development is part of a larger Republic Urban Properties project which also includes 320 market rate apartments, 150,000 square feet of commercial office, 44,000 square feet of mixed-use retail and a 164-key Marriot Residence Inn hotel, all adjacent to the Millbrae BART station.
“We are truly grateful to the State of California, County of San Mateo, City of Millbrae, BART and Republic Urban Properties for working with us to make affordable housing for veterans a reality,” said Vince Cantore, Vice President of Development at the Core Companies.“ Creating housing opportunities to serve those that have served our nation is simply the right thing to do.”
Previously, the project received funding award in the amount of $18,042,459 through the Affordable Housing and Sustainable Communities (AHSC) program whose grants are generated through the auction of pollution permits through the state’s “cap and trade” program. The AHSC program is a highly competitive program that provides grants and loans to projects that achieve greenhouse gas (GHG) reductions through the development of affordable housing and related infrastructure, capital transit improvements and associated programming, the majority of which directly benefit disadvantaged and low-income communities. The program is run by the California Strategic Growth Council which this year awarded more than $402 million in grants to 25 new community development projects around the state.
In addition to supplying the Millbrae community with 80 new affordable homes, the project provides resources to BART for track extension, to the city of Millbrae for local trail enhancements and to the Silicon Valley Bicycle Coalition for expanded biking infrastructure. Gateway at Millbrae breaks ground in Q1 2021 and opens in early 2022.
About The Core Companies
Established in 1989, The Core Companies is a vertically-integrated real estate development and construction firm. Core’s mission is to create vibrant new home communities at all levels of affordability in transit-, job- and recreation-friendly locations throughout the San Francisco Bay Area, with a focus on enhancing the quality of life for our residents and continuing to play a positive role in the fabric of the neighborhoods we create. In addition to developing and constructing its own projects, Core also offers third-party pre-development, development management and construction services.
About Republic Urban Properties LLC
Republic encompasses several operating companies including Republic Land Development LLC, Republic Properties Corporation, and Republic Urban Properties LLC. Republic is a privately owned, full-service real estate investment, management and development enterprise. For more than 30 years Republic has focused on institutional quality real estate, actively managing partnerships and other fiduciary relationships for successful real estate investments throughout the United States. Republic has developed award-winning real estate projects ranging from land development to historic adaptive reuse to shopping malls. It has developed and invested in real property transactions totaling over 17 million square feet with a value in excess of $4 billion.