340 Portage Affordable Housing
Presenters:
Claire Raybould, AICP , Planning Manager
Karen Murray, Van Meter Williams Pollock
Rick Jacobus, Street Level Advisors
November 17, 2025 www.paloalto.gov
1 Sobrato Development Agreement:
• Approved by Council in September 2023
• Merge 11 lots totaling 14.65 acres
• Re-subdivide to create five lots
• Includes one 3.25-acre lot identified as the
BMR/Parkland Dedication Parcel
Priority Site Designation/Metropolitan Transportation
Commission (MTC) Grant:
• Designated a priority site (November 2023)
• City awarded a grant of funds for early technical
work (June 2024)
BACKGROUND
Project Site
California Avenue Caltrain Station
2 MTC Grant Scope to Prepare:
• Proforma feasibility analysis of
three different unit mix
scenarios;
• Conceptual massing studies for
each of those three scenarios;
• Shadow studies; and
• Request for Proposal (RFP) for
the City to partner with an
affordable housing developer
for the project.
BACKGROUND
3 DEVELOPMENT SCENARIO 1
• 5 stories (~55 feet)
• 89 units
• 45 parking spaces
• Total Development Cost: $88,771,732
• Total Development Cost/Unit: $997,435
• Anticipated Gap Funding: $24,124,634
• 37 1-bedroom, 26 2-bedroom, 26 3-bedroom
• 19% ELI, 30% VLI, 49% LI, 1% manager's unit
4 DEVELOPMENT SCENARIO 2
• 6 stories (~65 feet)
• 109 units
• 52 parking spaces
• Total Development Cost: $119,276,185
• Total Development Cost/Unit: $1,094,277
• Anticipated Gap Funding: $36,594,275
• 49 1-bedroom, 30 2-bedroom, 36 3-bedroom
• 20% ELI, 20% VLI, 49% LI, 1% manager's unit
5 DEVELOPMENT SCENARIO 3
• 7 stories (~75 feet)
• 131 units
• 52 parking spaces
• Total Development Cost: $153,411,200
• Total Development Cost/Unit: $1,171,078
• Anticipated Gap Funding: $50,218,646
• 59 1-bedroom, 36 2-bedroom, 36 3-bedroom
• 20% ELI, 31% VLI, 49% LI, 1% manager's unit
6 SHADOW STUDIES
7 KEY CONSIDERATIONS FOR THE RFP
• Key Design Parameters:
• Height Max/Min
• Parking Space Max/Min Ratio
• Unit Min/Max
• Courtyard Design
• Creek Setback
• City Contribution Assumption
• Release of the RFP
8 ENVIRONMENTAL REVIEW
• Feedback tonight is not subject to the California Environmental Quality Act
• Final Environmental Impact Report (EIR) for the 200 Portage Residential Project certified on September 12, 2023
• The Approved Alternative (Alternative 3) Assumed and
Evaluated 75 units on the BMR/Parkland Dedication Parcel; however, Council may direct staff to explore more units. 9 RECOMMENDED MOTION
1. Review the evaluation material including, massing diagrams and shadow studies and associated proforma analyses
presenting three possible development scenarios and provide feedback to staff;
2. Provide direction to staff to prepare and release a Request for Proposals (RFP) for a future partnership to build an affordable housing project at the subject property or defer release of the RFP as a future consideration.
Claire Raybould, AICP
Planning Manager
[email protected]
650-329-2116