Read the full article by Ben van der Meer at Sacramento Business Journal
Speaker after speaker at a groundbreaking event Tuesday morning on Sacramento’s R Street made note of the big numbers involved with Monarch, the affordable housing project now underway.
For developer Mutual Housing California, the big number was the 241 units in what will be Sacramento’s largest new affordable housing project. For Banner Bank, it was the $75 million loan for the five-story project. And with nearly a dozen speakers before the groundbreaking, a long list of involved entities, public and private.
“Look at the banners up here,” said Mayor Kevin McCarty, noting numerous names alongside project renderings at the event. “These projects are very, very difficult.”
Monarch is set to open in about two years at 805 R St. A state-owned warehouse, unused for years, was already demolished and cleared before the event. For $1, the state is leasing the half-block site to project partners Mutual Housing, Capitol Area Development Authority and Capitol Area Community Development Corp.