The Core Companies, BART, City of Millbrae Partner to Secure “Cap and Trade” Award
Millbrae, CA (Jun 28, 2019) – The California Strategic Growth Council (CSGC) unanimously approved a funding award in the amount of $18,042,459 to the Bayshore Apartments LLC, a Core Companies and Republic Urban Properties joint venture partnership that will finance and construct a much needed San Mateo County affordable housing project in the City of Millbrae. The award proceeds will also benefit the co-sponsors, BART and the City of Millbrae, through the Affordable Housing and Sustainable Communities (AHSC) program in connection with the Gateway at Millbrae Station Affordable Veterans project. Money generated for AHSC grants comes through the auction of pollution permits through the state’s “cap and trade” program.
The 80-unit Gateway at Millbrae Affordable Veterans project will provide housing to residents earning 30-60% of Area Median Income. The project will break ground in the Fall of 2020 and open in early 2022, and is part of the larger Republic Urban Properties “Gateway at Millbrae Station”; a landmark TOD project which also includes 320 market rate apartments, 150,000 Sf of commercial office, 44,000 mixeduse retail and 164-key Marriot Residence Inn hotel
“We’re ecstatic to receive the funding award from the Strategic Growth Council and would like to thank the State of California, Enterprise Community Partners, BART, the County of San Mateo Housing Department, the City of Millbrae and Republic Urban Properties for their support of our application. This was truly a collaborative effort and now we’re one step closer to helping veterans find affordable housing in one of the highest cost regions in the nation,” said Chris Neale, Executive Vice President, The Core Companies.
“BART has been working in partnership with Republic Urban and The Core Companies to advance this development at the Millbrae station for many years, and is delighted to play a role in delivering this critically-needed affordable housing as part of our transit-oriented development program. This grant is a joint resource for housing and transportation, and brings benefits for the entire region, by delivering gap funding needed to more easily run additional 10-car trains from Millbrae Station, said Abby ThorneLyman, BART’s TOD Program Manager. 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 AHSC Program encourages partnerships between local municipalities, transit agencies and housing developers in order to achieve integration of affordable housing and transportations projects.
The Gateway at Millbrae project received the highest score of any of this year’s Transit-Oriented Development awardees. Approximately $12 million of the award will go to support the affordable housing development and the other $6 million will be shared between the City of Millbrae and BART for bike, pedestrian and rail improvements in and around the Millbrae BART Station.
The AHSC investment is funded by the State of California’s Greenhouse Gas Reduction Fund using proceeds from the State’s cap and trade auctions. 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. This round of awards marks an important milestone for the AHSC program, which now surpasses $1 billion of investment.
The Core Companies, established in 1989, has developed over 2,000 units of affordable housing throughout Santa Clara and San Mateo Counties, including the 361-unit Agrihood project in Santa Clara, and the 60-unit Willow Veterans project located on the VA campus in Menlo Park.