Still in the preliminary stages, the project will first undergo an initial evaluation by planning staff. A formal submission of plans will follow in the next few months, and the project will then proceed through a Planning Commission study session as well as further staff evaluation.
Headquartered in Charleston with an office in San Francisco, Greystar has built about 60 apartment complexes across the United States during the past 16 years, according to the company's website.
In the meantime, St. Anton awaits an answer to its request to include fewer below-market-rate apartments in its 394-unit complex at 3639 Haven Ave. Menlo Park's community development department needs to approve the change, and planning staff said the request is likely to be granted, although it probably won't be finalized for several weeks.
The original plan included 38 affordable housing units. Now St. Anton has asked the city to lower that by 16, although of the 22 remaining units, rents would decrease to be affordable to those earning "very low income," defined as $56,550 a year for a family of four and $39,600 for an individual. Previously, those units targeted a higher income category.
Facebook would continue to subsidize 15 affordable housing units that will be income-restricted for 55 years.
Senior Planner Deanna Chow noted that St. Anton's new distribution of BMR units still complies with state law. The very low income units would be a nice addition, she said, since those are difficult to get, particularly in a market-rate development.
This story contains 291 words.
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