The City of Monterey (“City”) is pleased to announce the development opportunity for four City-owned sites located in the Downtown Specific Plan area (the “Project Sites”). The City invites experienced affordable housing development teams that have demonstrated the ability to design, build, and manage multi-family affordable housing projects in California to submit development proposals for one or more of the sites (“Project”).
The City seeks proposals that focus on affordable housing for a range of affordable income levels; however, all units must be limited to income qualified households with incomes below 120 percent or lower of the area median income (“AMI”). The Project must include high quality design, development, financing, construction, and management.
Prospective developers must submit development proposals to the City detailing the proposed development, developer background, comparable project experience, project vision, conceptual architectural design, and financing plan. The City intends to compile a short list of developers, conduct a series of interviews, and ultimately select a preferred developer for each site.
Once terms are reached following initial negotiations, the selected developer will enter into an Exclusive Negotiating Agreement (“ENA”) with the City. The ENA will allow the selected developer(s) sufficient time to complete its due diligence on the Project Site(s) and provide a process for the negotiation and preparation of subsequent transaction documents ultimately leading to actual development of the Project.
Interested parties should submit one (1) sealed hard copy, plus one electronic copy, of the proposal no later than 4:00 p.m. on September 4, 2020. Proposals will not be accepted after this time. Proposals should be addressed to:
City of Monterey
c/o Grant Leonard, AICP, Housing Programs Office
City Hall
570 Pacific Street
Monterey, CA 93940
For questions, please contact Grant Leonard by email, leonard@monterey.org, or by phone, 831-646-3995.