Placer County: Land deal could mean more achievable workforce housing for Kings Beach
Downtown Kings Beach is on track for 45 more units of achievable workforce housing with the terms of a new land deal approved on Tuesday by the Placer County Successor Agency Board.
According to a news release, Kings Beach Center LLC would pay $1.1 million for 10 vacant parcels on a 1.3-acre plot of land, known as the Eastern Gateway Property, to build a mixed-use achievable housing and commercial project.
The Placer County Board of Supervisors in February approved the terms of a land purchase and sale agreement with Kings Beach Center LLC to develop a nearby hotel and mixed-use commercial project.
Development projects in eastern Placer County are required to meet the housing needs of at least 50 percent of the full-time equivalent employees they are expected to create. While the exact workforce housing obligation for the hotel project won’t be determined until later in its review process, Kings Beach Center LLC’s achievable housing proposal could accommodate up to 90 people across 45 units – considerably more than may be required.
Any accommodation above the requirement could possibly be sold to other developers to meet their workforce housing obligations or might eventually be banked by the county to be made available for future projects.
An additional 10,000 square feet of commercial space is also included in the project proposal.
Placer County has advertised the Eastern Gateway Property for sale since April 2016. Kings Beach Center LLC is the first party to propose a project since that time, submitting a letter of interest in September.
With the approval, the Successor Agency will further negotiate a purchase and sale agreement with Kings Beach Center LLC and return to its board for final consideration in the coming months. Like Kings Beach Center LLC’s hotel proposal, extensive environmental review and community input will be required before a final project is approved.