CACDC and CFY Development are hosting a formal groundbreaking ceremony for ARY Place on July,1 in the parking lot across the street from the development site, 1629 S Street (a 30 x 50’ tent and misting fans will be on-site to keep attendees cool!). The public is invited to join the ceremony in person (please consider alternative ways to get to the event as street parking is limited) or via livestream on the project’s Facebook page. ARY Place is named in honor of the project’s founding
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CACDC and CFY Development are hosting a formal groundbreaking ceremony for ARY Place on July,1 in the parking lot across the street from the development site, 1629 S Street (a 30 x 50’ tent and misting fans will be on-site to keep attendees cool!). The public is invited to join the ceremony in person (please consider alternative ways to get to the event as street parking is limited) or via livestream on the project’s Facebook page. ARY Place is named in honor of the project’s founding partner and visionary, Ali Reza Youssefi, who passed away in 2018.
Located at 1717 S Street, ARY Place features 159 apartments and 11,376 SF of commercial space that will include restaurants with outdoor seating, retail, and leasing office along S Street. Residents will have access to 132 car and 7 motorcycle parking spaces and a secure storage area. Racks for 40 visitor bicycles will be located around the building. The project will also include a roof-top deck, and a community room with a kitchen, game tables, and media lounge. The community will have on-site management and all of the apartments will be affordable at low and very low income levels. Completion of ARY Place is expected in Winter 2022/2023.
The $69 million investment is located on a one-half block infill site within the R Street Corridor Special Planning District on the north side of S Street between 17th Street and 18th Street.
The project financing partners are CADA (a joint powers authority between the State of California and the City of Sacramento), KeyBank, Alliant Capital, Sugar Creek Capital, CalHFA, Freddie Mac, California Tax Credit Allocation Committee, and California Debt Limit Allocation Committee.
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