Parc Derian | All images courtesy Jim Doyle and representatives of C&C Development

PPP Workforce-Housing Project Completed (SLIDESHOW)

Carrie Rossenfeld Multifamily

Public/private partnerships are one of the most reliable combinations for getting affordable-housing development done in SoCal, and Parc Derian is a new example. The workforce-housing project, the City of Irvine’s latest affordable project to be completed, was developed by a public/private partnership between the City and C&C Development, Innovative Housing Opportunities, Lennar Corporation, and the Irvine Community Land Trust, according to representatives of C&C Development.

The sources report that Parc Derian was developed on a 2.2-acre urban-infill site as part of Irvine’s inclusionary-zoning plan. The community comprises 80 apartment units, nearly half an acre of open space, and 5,000 square feet of community space; additional amenities include a fitness room, community room, on-site laundry facilities, secured bicycle storage, tot lot, outdoor barbeque and fireplace pavilion, swimming pool, and community garden, representatives say. (See slideshow below.)

Sources quote Todd Cottle, a principal with C&C Development, as saying, “Parc Derian underscores our mission to design and build affordable housing that is indistinguishable from market-rate housing and provides a secure and comfortable environment for families and individuals that improves their lives and lifestyle.”

Representatives also say Parc Derian is the second 100 percent affordable-housing community built in the Irvine Business Complex, a major economic and job hub for the city, and that it “is an excellent example of public-private partnerships working creatively to provide affordable housing for Irvine’s workforce,” according to Mark Asturias, executive director of Irvine Community Land Trust, which provides the land that is leased to developers to build housing that will remain permanently flexible.

Along with finding the right partnerships, securing the right financing for these projects is also key. As SoCal Real Estate recently reported, it’s important for developers looking develop affordable or workforce housing to understand construction budget numbers when they come for a loan, according to Douglas Bystry, president and CEO of Clearinghouse CDFI, a Lake Forest, California–based firm that has secured money from the U.S. Treasury to create or preserve 250 units of affordable housing and is now seeking projects throughout the Western U.S.

“[Affordable developers] need to present the sources and uses for what will be the predevelopment costs, construction costs, and permanent-phase costs of a project, really having thought through all of them and having their numbers tight,” Bystry told us. “Some borrowers haven’t done a good job of thinking through everything. Understanding these numbers and really having them locked down before coming in for financing is very important.”