KT Urban partners with The Pacific Companies to provide inclusionary housing for low-income seniors
April 21, 2021, Cupertino, Calif. – Cupertino-based KT Urban, a real estate development and investment company, announced a partnership with The Pacific Companies—a privately-held group of firms dedicated to excellence in multifamily housing—to develop a 48-unit rental housing development for low-income seniors at Westport Cupertino, KT Urban’s master planned community located at 21267 Stevens Creek Boulevard in Cupertino. Westport Cupertino will include 206 senior living units, including the 48 units of affordable senior living and 27 memory care residences, as well as 88 units of single-family homes (row homes and townhouses). The project is slated to exceed the City of Cupertino’s inclusionary (BMR) Housing Program by offering substantially deeper income targeting than required by the agreement negotiated with the City.
“Moving forward with these additional units at even lower affordability levels without any local government subsidies really speaks to KT Urban’s dedication to creating a truly inclusive community,” said The Pacific Companies Partner Mike Kelley. “We are excited to work together to deliver high-quality housing options open to everyone.”
A highly experienced development team, The Pacific Companies has produced approximately 180 projects consisting of over 10,000 units of affordable market-rate housing for seniors, individuals with special needs, working families, and professionals. The group of firms includes Pacific West Communities, Pacific Partners Residential, Strategic Growth Partners, Pacific West Builders, and Pacific West Architecture.
The Pacific Companies has applied for tax credits from the Tax Credit Allocation Committee (TCAC), which would provide additional funding for the project. If awarded, it would enable rent ranges from 30 percent of the area median income to 60 percent of area median income, which is much deeper income targeting than currently required. If awarded, the project could break ground in Fall 2021. To learn more about Westport Cupertino, visit https://www.westportcupertino.com/.
About KT Urban
Based in Cupertino, KT Urban is a real estate and development and investment company that leverages its residential, commercial, and industrial experience to create transformative suburban, urban, and downtown development projects. Utilizing an experienced management team and strong financial network to acquire and develop quality projects in the greater San Francisco Bay Area and beyond, the company has a proven track record of delivering results. To learn more, visit https://kturban.com/.
Media Contact
Kiana Karn | NINICO Communications | kiana@ninicocommunications.com
