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Challenges | ||||||||||||||||||||||
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The original lender encountered liquidity problems, and Holliday Development had to find a different lender midway through construction. | ||||||||||||||||||||||
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In a suburban area unused to infill housing, the high density of the project caused some community concern. | ||||||||||||||||||||||
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The grand opening was held just two days before the 9/11 tragedy; although the opening was very successful, sales slowed dramatically after 9/11. | ||||||||||||||||||||||
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A slowdown in the area’s technology industry affected sales by making San Francisco more affordable. | ||||||||||||||||||||||
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| Framework | |||||||||||||||||||||||
| In
early 1995, Contra Costa County was working on the first phase of a plan
to revitalize the Pleasant Hill BART Station. Holliday Development responded
to a request for a proposal from the Contra Costa County Redevelopment Agency,
and leveraged Holliday Development’s longstanding relationship with
BRIDGE Housing
to create a joint proposal. The proposal combined for-rent
below market rate housing, to be developed by BRIDGE, and market rate town
homes, to be developed by Holliday Development, with shared common spaces
and amenities. Holliday Development realized that people in the suburban
Bay Area were seeking more interesting “urban” design while
still wanting the comforts of a suburban home. The result is the 54 town
homes of Iron Horse Lofts, which combine the flexibility of lofts with the
privacy of town home floor plans. Many of their distinctive design elements
are found commonly in lofts: high ceilings, open-pitch and saw tooth roofs,
open-plan interiors, expansive windows, and architectural detailing. Interiors
are open and flexible, yet sleeping, working and living areas are separate.
Despite the economic consequences of the 9/11 tragedy, buyers—predominantly young professionals relocating from elsewhere in the East Bay—responded well to the new design, and the lofts fetched higher prices per square foot than surrounding developments. |
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| Impact | |||||||||||||||||||||||
| This example of sustainable growth created a bold sense of place on a plot of land that was once a site for illegal dumping. With the success of Iron Horse Lofts, Contra Costa County is more committed than ever to working on a master plan for a vibrant, pedestrian-friendly environment that includes affordable and market-rate housing, retail outlets, and commercial projects around the BART station. Iron Horse Lofts has served as a successful example for other developers interested in placing affordable and market-rate homes on the same site. | |||||||||||||||||||||||
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