Permits have been filed and approved for the preliminary review of residential buildings at 300 Checkers Drive, San Jose. The project proposal includes the acquisition and rehabilitation of forty-nine buildings containing 700 units. The residential buildings stand on the northeast corner of Checkers Drive and McKee Road and span over approximately 0.67 acres. Community Preservation Partners, LLC, is managing the project.
The residential building, El Rancho Verde Apartments, was earlier recommended for a reservation of $16,529,220 in annual federal tax credits to finance the acquisition and rehabilitation of these residential units. There are 556 two-bedroom units and 144 three-bedroom units.
The estimated cost of the project is approximately half a billion dollars. Due to the unit size and the extensive nature of the project, reserves and deferred developer fees were also relatively high.
El Rancho Verde is an income-restricted, affordable housing community located in northeast San Jose, less than a 10-minute drive from downtown.