The Cupertino Planning Commission has recommended changes to an older adult assisted living facility, increasing the number of homes from 123 to 136 while eliminating underground parking and drastically reducing retail space. Developer Related California cited financing difficulties in the current economy as key reasons for these modifications, and the state offers concessions for affordable housing projects. Despite concerns over retail reduction from the commission, a compromise was reached, with city council to review the outcomes later.
The developer is allowed concessions by the state for projects with affordable housing. Eliminating the underground parking and reducing retail space would save the developer between $15 million to $22 million.
There's probably nobody in this room more than the developer that wants to see this project move forward. We've invested tremendous amounts of money to date and it doesn't do us any favors to let the project sit like this for three years.
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