Cabrillo Economic Development Corporation has received a $15,000 grant from MUFG Union Bank Foundation to fund pre-development costs for a planned development for seniors in Buellton in Santa Barbara County.
“Funds from the MUFG Union Bank Foundation grant will help pay for the appraisal, marketing study, and some legal and city fees as part of pre-development,” said Eduardo Espinoza, Director of Real Estate Development at Cabrillo.
The Village Senior Apartments in Buellton is part of a larger plan known as the Village Specific Plan that encompasses about 23 acres, of which 11 acres are set-aside for residential use. Cabrillo’s project on a two-acre parcel calls for 49 one-bedroom, one-bath apartments with ADA amenities, healthy housing features, and social services for seniors ages 62 and older, plus one rental unit for an onsite manager, for a total of 50 units.
The plan also includes a 3,000-square-foot community room, a community garden, and pedestrian walking paths linking the residential communities to the park and future commercial center.
The apartment homes will be rent-restricted to 30 percent, 45 percent, and 50 percent of area median income.
“A previous grant from MUFG Union Bank Foundation provided assistance with pre-development costs on the Etting Road project in Oxnard. That grant funded legal, architectural and engineering fees,” Espinoza said. “We couldn’t move forward on new projects without the community support from partners like MUFG Union Bank NA.”