Hugh Futrell Corp., Burbank, partners in $11 million project
[caption id="attachment_19008" align="alignleft" width="188" caption="Renderings by Jon Worden."][/caption]
SANTA ROSA – The Hugh Futrell Corp. and Burbank Housing are teaming up on a 51-unit affordable housing project with 2,500 square feet of commercial space in downtown Santa Rosa.
The $11 million, five-story project will consist of one-, two- and three-bedroom units ranging from $380 to $1,100 depending on bedroom type and income target.
“The units will be set aside for lower-income households under regulatory agreements with the state and city of Santa Rosa,” said Hugh Futrell. “The project is fully approved. The city was helpful in fast-tracking the project to approval.”
The site is on the southwest corner of Seventh and Humboldt streets. The existing building is currently occupied by the county.
The project is expected to qualify for $8 million in lower-income tax credits.
Pascal Sisich is the acquisitions manager at Burbank Housing. He is putting together the application for the tax credits, which is due March 26. If approved, this will be Burbank Housing’s 30th tax-credit-assisted project.
It applied and received $1.1 million from the city already through the Community Development Block Grant program, which, he said, will help with the application.
“We needed the local money to leverage the application,” he said.
Other amenities he anticipates will help the application are having adequate community space, an open courtyard, service space and space for educational, recreational and social services.
“The rest of the money will be in traditional bank loans paid back through cash flow,” he said.
Mr. Sisich said Burbank Housing was approached by Mr. Futrell, who has secured the site.
“We are always looking to partner with local developers who have experience of this kind and in building downtown,” he said.
The two parties will be co-general contractors and co-developers.
John Lowry, the executive director of Burbank Housing, said he has known Mr. Futrell for more than 20 years. He expects to be under construction in September.
“If the financing doesn’t get approved, we have to make the application more competitive,” he said.
But Mr. Sisich feels that because of the infill aspects of the site and the proximity to transit, shopping and services there is a good possibility the project will be approved.
The project will have a private secured garage and elevated podium open space. The architect is Jon Worden of Healdsburg.
Mr. Futrell built a condo development not too far away, said Mr. Lowry. “The architecture is different, but the mass will be similar,” he said.
There will be old style stucco art on the side, said Mr. Sisich.
“There will be a mural that is done in the stucco. The artist will actually sculpt the stucco as it is applied,” he said.
The parties will find out in May if the project was approved for the tax credits.