Las Villas de Paseo Nuevo
An Affordable Housing Opportunity
for the South Oxnard Community
Project Description
72 unit low-income rental project in the Cypress neighborhood.
Unit Mix
There will be 12 buildings with 6 units in each.
The unit mix in each building will be:
4: 3 Bedrooms
2: 2 Bedrooms
Site Information
Lot Size (SF)
Lot Size (Acres)
Buildable SF
215,183 SF
4.93 acres
75,184 SF
Proposed Density
14.6 Units/Acre
Ownership Structure
During Development
49%
26%
25%
After Completion
Oxnard Housing Authority
Las Cortes/Non-Profit
McCarthy Companies
25%
50%
25%
Pre-Development Costs
Reimbursements of costs to date
150,000
Architect (Building and Landscape)
75,000
Engineers and reports (Civil, solar, M&P, Electrical,etc.)
30,000
Land Use Consultants
110,000
Surveyor
20,000
Legal and Accounting
20,000
Accounting
10,000
Soils Investigation
6,000
Appraisal
8,800
Title and Escrow
3,000
Phase 1 Report
3,000
City Fees
30,000
Traffic Study
4,000
Environment Reports
5,000
Other Consultants (If necessary)
10,000
Relocation (Preliminary)
80,200
Contingency
35,000
600,000
Development Costs
Project Advantages from Development
• Proactive positive relocation plan for existing residents
• Improves an existing blighted community in South Oxnard
• Fills an important community need for affordable housing
• Creates local jobs
• Green Communities Certification with photovoltaic solar package
Project Advantages from Operation
• Provides approximately 72 families with new homes
• Offers economic incentives for City
• Makes both Las Cortes and the Housing Authority more financially independent
• Creates important inventory for the Oxnard Housing Authority
• Provides positive cash flow
• Multifamily Housing Crime Free Program
• Provides accelerated repayment of Redevelopment Agency Loan
QUESTIONS