Alliant Strategic Development has proposed an 88-unit project at 320 Sheridan Drive in Menlo Park. The project will be 100% affordable and consist of 41 one-bedroom, 23 two-bedroom, and 23 three-bedroom units.
The project utilizes the State Density Bonus Law, which allows waivers and incentives to the City's Zoning Ordinance requirements. Additionally, it was submitted under Senate Bill 330, which locks in development regulations when a preliminary application is submitted.
Alliant Strategic Development is collaborating with SDG Architect on this project.
The project site encompasses one parcel within the R-3 (Apartment) zoning district, covering approximately 2.5 acres. The Ravenswood City School District owns the site previously home to the Flood School.
On November 6, 2024, the Housing Commission reviewed the proposed below-market-rate (BMR) agreement to ensure it complied with the City's BMR ordinance and guidelines. The commission unanimously recommended that the Planning Commission approve it.
All units in the development, except for the manager's unit, are proposed to be offered at below-market rates. These units will range from very low income (maximum 50% area median income) to low income (maximum 80% area median income). The proposed project will comprise 100% affordable units, making it eligible for an 80% density bonus.
Projects subject to the State Density Bonus Law (SDBL) are qualified for unlimited waivers from development standards that would otherwise obstruct their construction at the specified density. Furthermore, SDBL projects are entitled to a set number of incentives.
The applicant plans to apply for tax credits through the Tax Credit Allocation Committee (TCAC). If approved, the project would be restricted to households earning a maximum of 80% of the area median income (AMI). However, the applicant indicates that the targeted average income would be around 50% AMI (very low income). If the project does not receive tax credits, it would be permitted to allocate up to 20% of the units to households earning as much as 120% AMI (moderate income).
