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$60M TOD Project Launched in Livermore
San Mateo, CA-based JEMCOR Development Partners broke ground on Ageno Apartments, a 171-unit, mixed-income, transit-oriented development in Livermore, CA. The project marks the final construction phase in Vineyard Crossing, a 34.5-acre community of 465 single-family homes, townhomes and apartments. Ageno is expected to begin lease-up in summer 2019.
The $60-million project, designed by KTGY Architecture + Planning, will consist of four, three-story residential buildings and a single-story clubhouse. The five-acre site located at South Vasco Road and Brisa Street was acquired from SummerHill Homes in September 2016.
JEMCOR handled the inclusionary housing requirement for the community. The developer opted to increase the total number of affordable units to 20%, in order to utilize specialized financing that includes low-income housing tax credit equity, tax-exempt bond proceeds and a first-of-its-kind, construction-to-permanent loan from Citi Community Capital, that was completed in conjunction with Freddie Mac’s newly launched “LIHTC Enhancement” program.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development


