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Washington Villas Presentation Without Audio Or Video THE HOUSING CRISIS IN THE BAY AREA In A Recent 2019 Survey by the San Francisco Chamber of Commerce • Housing issues remain the top concern. Asked to rank their “top issues,” 64 percent cited homelessness. The second most common response was “cost of rent,” cited by 41 percent of those polled. Third was the cost of owning a home, cited by 30 percent. 63 percent said availability of housing is getting worse. • San Franciscans want new transit projects. Almost every transit-related proposal considered for the city/region right now netted majority support in the poll, including a second Bay Bridge (50 percent), a second Transbay tube (77 percent), high-speed rail (80 percent), and new ferry service (84 percent). • More housing near transit favored. 74 percent of those polled said they favor “higher density housing near transit developments.” An even larger majority—79 percent—said the city should “maximize construction of all housing types.” • Conclusion: Housing remains a key deciding factor for Bay Area residents and the closer they live near their employment, the better the quality of their lives. If approved, SB50 will increase housing supply near public transportation, more people will ride buses & trains, congestion and carbon footprint will be eased. BART AND ASSEMBLY BILL (AB) 2923 • The state’s economic health is significantly tied to the regional economic health of the San Francisco Bay Area. The growth and success of the Bay Area’s economy is threatened by several challenges, including inadequate and unaffordable housing and excessive and increasing roadway congestion. In the state-mandated sustainable communities strategy for the Bay Area, locating affordable and market-rate housing near high-capacity transit is a primary tool with which to address these challenges and will keep the Bay Area on track to meet its state- mandated greenhouse gas emissions reduction targets. • The state has invested significantly in the district’s infrastructure, which is estimated to be worth over twenty billion dollars ($20,000,000,000), and continues to invest tens of millions of dollars more for the district’s operations every year. The state has an interest in leveraging the maximum benefits from this investment, including greenhouse gas emissions reductions, congestion reduction, air quality improvement, mobility enhancements, increased transit ridership, and increased affordable housing. • For the above reasons, delivering affordable and market-rate housing in close proximity to high-capacity transit, constitutes an urgent matter of statewide concern. ENTER BART BART NOW RUNS FROM SAN FRANCISCO TO OAKLAND TO SAN JOSE AND BACK TO SAN FRANCISCO BART = TRANSIT ORIENTED DEVT (TOD) MILLBRAE STATION SOUTH SAN FRANCISCO STATION WEST OAKLAND STATION OAKLAND 19TH STREET STATION BART = TRANSIT ORIENTED DEVT (TOD) OAKLAND MACARTHUR STATION OAKLAND MACARTHUR STATION LAKE MERRITT STATION FRUITVALE STATION BART = TRANSIT ORIENTED DEVT (TOD) RICHMOND STATION BERKELEY STATION WALNUT CREEK STATION DUBLIN STATION BART = TRANSIT ORIENTED DEVT (TOD) SAN LEANDRO STATION HAYWARD DOWNTOWN STATION UNION CITY STATION UNION CITY STATION BART = TRANSIT ORIENTED DEVT (TOD) FREMONT NORTH STATION WARMSPRINGS, FREMONT SOUTH STATION MILPITAS STATION FIRST SAN JOSE STATION MARKET OVERVIEW MARKET OVERVIEW AREA OVERVIEW WHAT THE CITY WANTS The 5 Corners The City of Fremont has 6 Boroughs: Mission San Jose, Warmsprings, Irvington, Centerville, Ardenwood and Niles. Preference is for each borough its own Downtown. Currently, Mission San Jose, Warmsprings and Niles have theirs. Irvington doesn’t. The 5 Corners is marked as the future Downtown. The City perceives Washington Villas as a pioneer in its General Plan for the area. New BART Station Currently, Fremont boasts 2 BART stations. The State of California has approved to build a sub station just a minute away from Washington Villas, hence making this development highly appealing. The new station will open in 2023 Transit Overlay District (TOD) The state of California has passed a measure allowing for high density for new developments with close proximity to transportation hubs. Washington Villas qualifies for this designation Demand for Housing Like other Silicon Valley and Bay Area cities, demand for housing in Fremont is sky high, whether it is single families, townhomes, condos, apartments, student housing, seniors or affordable housing PROPERTY OVERVIEW WASHINGTON VILLAS The Combined 4 Lots That Comprise Washington Villas WASHINGTON VILLAS Partial View of the 4 Lots That Comprise Washington Villas WASHINGTON VILLAS Partial View of the 4 Lots That Comprise Washington Villas WASHINGTON VILLAS Partial View of the 4 Lots That Comprise Washington Villas VACANT LAND SALES COMPS RENT COMPS CONDO COMPS AVERAGE SOLD PRICE FOR 2 BEDROOM/2 BATHROOM 1000-1100 SQ, FT. CONDO: $651,793 (APRIL 2019) AVERAGE SOLD PRICE FOR 2 BEDROOM/1 BATHROOM 700-900 SQ. FT. CONDO: $565,000 (APRIL 2019) BECOME PART OF HISTORY & MAKE A KILLING LAND, ENTITLEMENT, IMPACT & OTHERS FEES, PERMITS AND CONSTRUCTION COSTS, SALES COMMISSIONS, ETC. (90 CONDOS AND 14K RETAIL SPACE) $38,000,000 SALE PRICE: $58,000,000 GROSS PROFIT: 20,000,000 HAVE YOU BEEN PLAYING SMALL FOR TOO LONG? COME PLAY BIG WITH US AND LEAVE A LEGACY. .
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