By Allen Payton
Alliant Capital announced on Tuesday the closing of their investment in The Atchison in Pittsburg, and the new development of over 200 affordable housing units. The $40 million project is part of a $90 million mixed use transit oriented development near the BART station, the first for the city. Alliant will work on the project with the not for profit Corporation for Better Housing and Integrated Community Development.
The 202-unit multifamily, Low Income Housing Tax Credit (LIHTC) project will be built on the site of the former Ford dealer at 2575 Railroad Avenue, less than half-a-mile from the Pittsburg BART Station. It is part of the city’s Railroad Avenue Specific Plan adopted by the city council in 2009.
“With the Atchison project, the City of Pittsburg is continuing to see the community’s vision of the Railroad Avenue corridor and the area around the Pittsburg Center BART Station come to life,” said Mayor Jelani Killings during a virtual ground breaking ceremony earlier this year. “This project addresses the need in Pittsburg for high quality and amenity-driven transit-oriented development, and shows that during these uncertain times, Pittsburg is a community that is working, building, and looking toward the future.”
The overall project also includes developer funded improvements to the Delta De Anza Regional Trail that runs along the south side of the property.
“Integrated Community Development (ICD) is the Administrative General Partner of the partnership that owns the Atchison,” explained Managing Member Ben Lingo, about the company’s role. “ICD is the developer of the project and works closely with the Corporation for Better Housing, the development’s not for profit general partner.”
About The Atchison
The Atchison is the new construction of 202 apartment units. The projected construction timeline spans a 22-month period, culminating in October 2022.
When completed, The Atchison will consist of 20 efficiency units, 122 one-bedroom/one bath units, and 60 two-bedroom/one bath units. Of those, 100 units will be set aside for households whose income is at or below 50% of the area median income (“AMI”) and 100 units will be set aside for households whose income is at or below 70% of AMI. The overall average income for the project will be 60% of AMI. Two units will be used for on-site property managers.
The Atchison will help to provide new affordable housing opportunities within a pedestrian oriented neighborhood with access to transportation, job centers, retail, schools, and community services. The development will include 202 residential units and approximately 13,000 square feet of ground floor commercial and retail space. The development offers the residents a robust amenity package including a pool with a sunning deck, fire pits, outdoor BBQ areas, playgrounds, community business center, fitness center, lounge area and pool side clubhouse. The Atchison offers market rate amenities with mixed income rents.
About Alliant Capital
The Alliant Company is a leading LIHTC firm focused on providing tax credit syndication for the development and financing of affordable multifamily rental housing. Founded in 1997 to assist in America’s critical need for affordable housing, today Alliant is among the nation’s top syndicators and has an unparalleled track record of success. With a dedicated team of experienced commercial real estate, asset management, legal and tax professionals, Alliant provides the highest level of fully integrated real estate and investment support services. We deliver rock-solid expertise with an innovative perspective.
About Corporation for Better Housing
Founded in 1995, Corporation for Better Housing (CBH) is a 501(c)(3) nonprofit organization. We believe community action changes lives, embodies the spirit of hope, and makes neighborhoods a better place to live. It’s our goal to provide the tools necessary, for these ideas to flourish long after construction is complete. We are committed to providing services free of charge to all our residents. Regardless of the nature of the development, Corporation for Better Housing remains dedicated to its residents, the public, and the communities it serves.
In our goal to eradicate the “poor and unsafe living conditions” that exist in underprivileged communities today, we pride ourselves on our “boots on the ground” approach. Our management teams are fully integrated into our development process during the construction stages and remain heavily involved in the completion of every development. We are committed to being proactive (and flexible), with the challenges that come with affordable housing.
The development of quality affordable housing has enabled Corporation for Better Housing to forge lasting and fruitful partnerships with many recognized leaders in the affordable housing industry. Alliant has syndicated deals for Corporation for Better Housing and continues to be an invaluable asset to our development team.
About Integrated Community Development
Integrated Community Development is a diversified firm that specializes in all aspects of real estate development including Land Acquisition, Environmental Law, Entitlement, Design, Finance, Construction, Asset Management, and Property Management.