PROJECT OF THE YEAR: MARKET RATE
Variety Pack
Project Snapshot-
Project: Legacy at Museum Park;
Location: San Jose, Calif.
Developer: Legacy Partners Residential Inc.
Opening Date: June 2002
Number of Units: 117
Unit Mix: One to three bedrooms
Average Monthly Rent: $1,399 to $1,899;
Amenities: Attached one- or two-car garages, in-unit washers and dryers, gourmet kitchens, custom cabinetry, built-in computer desk or home office, walk-in closets, high-speed Internet, pre-wired for interior alarm systems, ceiling fans, spa, attached retail and commercial space, and multiple data, phone, and cable connections
Market-rate developers – especially those building in urban cores – face many challenges. The biggest? How to offer a variety of housing options and still meet the financial goals of the project. Legacy at Museum Park tackled this problem by offering stacked apartments, townhomes, and live/work lofts – which appealed to a wide range of renters.
But it wasn’t easy. Twenty-seven different parcels – owned by the city of San Jose and the Perrucci family and included six single-family residences, a paint/body shop, and a towing company – made up the site the developer identified. In order to get the deal done, Legacy Partners Residential Inc., the developer, struck a deal with the city’s Redevelopment Agency. In exchange for the land, a low interest rate loan, and relocation costs of on-site businesses and residents, Legacy agreed to fund $1.8 million of public improvements around the perimeter of the site.
In addition, the project’s design needed to blend in with the surrounding area, which is made up of commercial, retail, and industrial projects. The buildings were designed to look like they were developed over time, complementing the facades of neighboring buildings.
The end result is a community that features pedestrian mews and open areas for residents to gather and socialize.
