Low-rent apartments to be built in SLO
April 1, 2016
The nonprofit Housing Authority of San Luis Obispo has closed escrow on a vacant lot and plans to build 46 apartment units on the property. The project is intended to serve low-income households that cannot afford market rents in San Luis Obispo. [Tribune]
HASLO is purchasing a 1.6-acre property on Broad Street across from the Damon-Garcia Sports Fields. The nonprofit plans to construct two three-story residential buildings, as well as 4,400 square feet of commercial space.
Plans include 12 one-bedroom apartments, 19 two-bedroom apartments and 15 three-bedroom apartments raining in size from 557 to 1,030 square feet. HASLO also wants to increase the commercial space to 8,000 to 10,000 square feet and use a portion of it as office space.
The project is estimated to cost about $17 million. Executive Director Scott Smith said he hopes the apartments could serve someone earning as little as $10 to $12 an hour but also as high as $25 an hour.
Smith would not disclose the purchase price of the property. The lot was most recently assessed at $1.1 million.
The city planning commission has already approved a use permit for HASLO’s project. HASLO hopes to begin construction in December or January. Construction is expected to take about 18 months.