Manteca is on pace to have its best year for housing starts in five years.
Crews have started site work for the 152-unit Belagio Apartments complex on Atherton Drive east of Van Ryn Avenue.
Permits are currently being processed through the city for nine buildings in the complex with a construction value of $14.8 million. The overall project carries a price tag in excess of $29 million.
Manteca through the end of March has issued 56 single family home permits with a combined construction value of $8.4 million. If the pace continues through the end of the year, Manteca will have issued permits for 376 housing units.
What makes the apartments even more significant is the fact they are workforce rental housing. That means they are rented to those making 120 percent of the median income in Manteca with a sliding scale for household size. Some $17 million in tax-exempt bonds wedded with a $12.5 million Manteca Redevelopment Agency loan makes it financially feasible to develop the complex and to rent them at below market rates to qualified working applicants and their families.
It is one of the handful of apartment projects under way in the entire Central Valley. Traditional commercial lending is still tough to obtain even on at-market apartment projects that pencil out.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room and laundry facilities. Each unit will have blinds, carpeting, patios, and appliances.
Belagio’s architecture virtually mirrors that of the nearby 298-unit Paseo Villas apartment complex.
Another 150-unit apartment complex can still be built between Paseo Villas and Belagio.
Crews have started site work for the 152-unit Belagio Apartments complex on Atherton Drive east of Van Ryn Avenue.
Permits are currently being processed through the city for nine buildings in the complex with a construction value of $14.8 million. The overall project carries a price tag in excess of $29 million.
Manteca through the end of March has issued 56 single family home permits with a combined construction value of $8.4 million. If the pace continues through the end of the year, Manteca will have issued permits for 376 housing units.
What makes the apartments even more significant is the fact they are workforce rental housing. That means they are rented to those making 120 percent of the median income in Manteca with a sliding scale for household size. Some $17 million in tax-exempt bonds wedded with a $12.5 million Manteca Redevelopment Agency loan makes it financially feasible to develop the complex and to rent them at below market rates to qualified working applicants and their families.
It is one of the handful of apartment projects under way in the entire Central Valley. Traditional commercial lending is still tough to obtain even on at-market apartment projects that pencil out.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room and laundry facilities. Each unit will have blinds, carpeting, patios, and appliances.
Belagio’s architecture virtually mirrors that of the nearby 298-unit Paseo Villas apartment complex.
Another 150-unit apartment complex can still be built between Paseo Villas and Belagio.
