Ensemble contributes $500k to affordable housing

Press Release from Ensemble Real Estate Investments: On October 22, 2019, the City Council of the City of Santa Cruz approved a mixed-use development at 190 West Cliff Drive by Cliff Bay Partners, LLC, a subsidiary of Ensemble Real Estate Investments (the owner of the Dream Inn hotel). The project will redevelop an existing surface parking lot into a vibrant community with underground parking, ground level commercial, and 89 residential condominium units, including ten affordable units—with eight restricted for sale to very-low income households and two restricted for sale to low income households.

The project was under review by the City for four years. During that time, Ensemble conducted extensive public outreach, listening to and working with hundreds of individuals, and incorporated feedback from the community and the City into the final project. Affordable housing is a clear priority of the leadership and residents of Santa Cruz, along with improving traffic congestion and pedestrian safety, which will be addressed by the project. As an employer, we are proud to make this contribution to housing much needed by our employees and their peers who live in the City.   

Based upon conversation with staff prior to the hearing and the request by Councilmembers during public testimony to create more affordable housing, Ensemble is excited to announce that in addition to providing affordable units within the project, we have agreed to make a voluntary contribution to the City in the amount of $500,000, to assist with the City’s affordable housing efforts. We anticipate that this contribution will be leveraged by the City to produce ten additional affordable housing units in a separate project, which would otherwise not be possible without these funds. Payment would be conditioned upon issuance of building permit for 190 W. Cliff Drive, and additional details will be addressed in a separate agreement between Ensemble and the City. 

We are very pleased with the recent approval of the project and remain excited about contributing to the long-term prosperity of Santa Cruz.

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If you would like more information about this topic, please email Tyson Sayles at tsayles@ensemble.net.