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Community & Economic Development
Successor Agency to the Redevelopment Agency of
the City of Riverside
April 19, 2022
PURCHASE AND SALE AGREEMENT FOR SUCCESSOR
AGENCY-OWNED VACANT LAND LOCATED ON THE
SOUTH SIDE OF RAILROAD AVENUE BETWEEN
MADISON AND JEFFERSON STREETS
RiversideCA.gov
2 AERIAL SITE MAP AND PROPERTY DETAILS
Property
APNS 230-233-013, 230-245-013 and 015 and
230-235-010
Zoning: R-1-7000
General Plan: Medium Density Residential
(MDR)
Lot Size: 3.9 acres
Appraised Value: $2,400,000
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3 • January 9, 2007: Former Redevelopment Agency (RDA) acquired the Property from Riverside County Transportation Commission (RCTC) for future development opportunities
• December 22, 2015: City Council approved the disposition of the subject property to Riverside Harley -Davidson for the development of a warehouse
• May 26, 2021: Staff sent a written notice of availability to the required public agencies and to all affordable housing developers who registered with the State’s Housing and Community Development (HCD)
BACKGROUND
RiversideCA.gov
4 • July 15, 2021: Escrow was canceled with Riverside Harley-Davidson due to their failure to perform the obligations in the purchase and sale agreement
• July 26, 2021: staff received a devel opment proposal from Gilbane Development Company to construct a 120-unit, 100% affordable multi- family and senior housing residential project on the subject property • January 20, 2022: The Economic De velopment, Placemaking and Branding/Marketing Committee directed staff to negotiate a Purchase, Sale, and Development Agreement with Gilbane
Development Company to be presented to the Successor Agency Board, Countywide Oversight Boa rd, and Department of Finance for final consideration
BACKGROUND CONT.
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5 • Gilbane Development Company is proposing a 120-unit, 100% affordable multi-family and senior residential project:
• Purchase price: $2,400,000
PROPOSAL SUMMARY
Multi-Family Residential Senior Residential
Units: 45 75
Bedrooms:
1 Bedroom: 23 Units
2 Bedrooms: 11 Units
3 Bedrooms: 11 Units
1 Bedroom: 67 Units
2 Bedrooms: 8 Units
Parking: 76 stalls 60 stalls
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6 PRELIMINARY SITE PLAN
UNIVERSITY AVE.
OTTAWA AVE.
Railroad Avenue
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7 PRELIMINARY ELEVATION
UNIVERSITY AVE.
OTTAWA AVE.
RiversideCA.gov
8 STRATEGIC PLAN ALIGNMENT
UNIVERSITY AVE.
OTTAWA AVE.
Strategic Priority No. 3 – Economic Opportunity
Goal No. 5.3 – Cultivate a business climate that welcomes innovation, entrepreneurship, and investment.
Cross-Cutting Threads
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9 That the City Council:
1. Approve the Purchase, Sale, and Development Agreement with Gilbane Development Company, for the subject property for the development of a 120-unit, 100% affordable multi-family and senior housing residential project in the sale amount of $2,400,000;
2. Recommend that the Countywide Oversight Board adopt a separate resolution authorizing the execution of the Purchase, Sale, and Development Agreement with Gilbane Development Company for the subject property to be presented to the Department of Finance for final consideration and approval; and
3. Authorize the City Manager, or his designee, to execute the Purchase, Sale, and Development Agreement, including making minor non-substantive changes, and to sign all documents necessary to complete the transaction.
RECOMMENDATIONS
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