Affordable housing project coming to Kings Beach
More workforce housing could be on the way with Kings Beach Center LLC planning to purchase the Easter Gateway Property from Placer County and develop the 1.3-acre site into apartment units and commercial space.
The development company is looking to build 45 individual units on the second and third floors, with 10,000 square feet of commercial space on the bottom floor, on the property located at 8776 to 8798 North Lake Blvd.
The Placer County Successor Agency Board approved the sale of the property for $1.1 million on Jan. 29. The property was once the site of a gas station but is currently vacant. In 2016 and 2017, there were efforts to solicit interest in the property from developers, according to Eric Findley of the Placer County Department of Public Works and Facilities.
Up until September of last year, little interest was shown in the property.
The developer is currently under contract with Placer County to purchase the 3.5-acre Kings Beach Center located on North Lake Blvd. between Coon Street and Fox Street. They plan to redevelop the shopping center with a 120-room hotel, a library and additional retail and food service.
In order to satisfy the county’s workforce housing requirements for such a project, Kings Beach Center LLC plans to develop those units on the Eastern Gateway Property. Development projects in eastern Placer County are required to meet the housing needs of at least 50 percent of the full-time equivalent employees they are expected to create.
“It is apparent that Kings Beach Center LLC for the Kings Beach Center Property will have a workforce housing component for their project,” said Findley. “What exactly is going to be required is not exactly known, but it’s clear there needs to be a workforce component,” he said, adding that the developers anticipate an excess of workforce housing that will be required.
Craig Clark, managing member of Kings Beach Center LLC, has a background in hotel and commercial development, and has developed 1,500 hotel rooms and 30 shopping centers throughout his career.
“We can build about anything you want built,” he said.
According to Clark, they have already spent $400,000, only a third of the total funding needed to purchase the property.
“We’re not going anywhere; we’re going to finish the project,” Clark said.
“They are going to submit applications, do a tremendous amount of work to try and get project approvals before they close escrow,” said Findley. “They are invested in this project.”