Check out Mountain View's new Google-backed affordable apartments
- Shana Lynch
- Managing Editor- Silicon Valley Business Journal
- Email | Twitter | Google+
Franklin Street Family Apartments offers up 51 one-, two- and three-bedroom apartments, all for families with annual incomes at $50,650 (or half the county’s median income).
The project is located at 135 Franklin Street, two blocks off Castro Street near downtown Mountain View and close to a Caltrain station.
Google invested $6.5 million in the $23.4 million project, and also provided $81,859 for free Internet access and computer equipment. Other backers including the city of Mountain View and Citi Community Capital.
This isn't the first time the
tech giant has put money into affordable housing projects - in 2010, for
example, it
put $100 million into eight projects, including a senior housing complex in
Sunnyvale. And it's certainly not
the only big company to dabble in real estate. The federal government offers
tax credits to reduce federal income tax, attractive to investors including
Verizon, Allstate and other large companies (read
more about that here).
At Franklin Street Family Apartments, a one-bedroom runs $937, a two-bedroom
is $1,122 and a three-bed is $1,291. And yes, it’s already 100 percent
leased.Click on the slideshow to check out some of the amenities, which include a fitness room, courtyard, library, community room, kids play area, computer center and resident services like ESL and computer classes.
The project, built by ROEM-ICON Contracting Group Inc. and designed by architect KTGY Group Inc., also has solar panels, energy and water-efficient appliances, and transit passes for all residents.
ROEM broke ground in November 2011 and wrapped up this March.
Shana Lynch is Managing Editor at the Business Journal. Her phone number is 408.299.1831.
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