Digital Almond Gardens - Flipbook - Page 5
Harbor Park, LLC.
(916) 740-1276 Office | (916)740-1276 Cell | cnojoomi@gmail.com
In 1990, these fourplexes were acquired by the Redevelopment Agency of the city of
Suisun City. Instead of demolishing all the fourplexes, because they were in better
shape compared to all the other fourplexes that were demolished in the former Crescent neighborhood, they went under major rehabilitation and reconfiguration. 7 of the
20 fourplexes were demolished to make room for off-street designated parking spaces.
The units were remodeled, and the courtyards were gated to reclaim the open space
for the residents. Almond Street was reconfigured with lush landscaping, street trees,
and decorative streetlights that significantly improved Almond Street.
Over the following three decades, Almond Gardens has enjoyed tranquility and peace.
However, the physical condition of the fourplexes tells a different story. The Old Town
Suisun, where Almond Gardens is located is built upon bay mud. The foundations of
the Almond Garden fourplexes were not designed and constructed to withstand the
soil expansion that occurs in this type of soil.
In 2008, the city commissioned a study to determine whether to rehab or rebuild the
Almond Gardens fourplexes. The conclusion was that “A rehabilitation of Almond
Gardens as proposed, is not economically or physically viable...” At the time it was
recommended that the city contribute $7,608,767 to secure 9% financing for the
project.
In 2021, Harbor Park, LLC. signed a DDA with the Housing Authority to redevelop Almond Gardens into 99 apartment units that replaced the existing 52 affordable units,
and added 47 new market units with the anticipation that the new market units would
generate sufficient revenues to sustain the project. Under this arrangement, the City’s
contribution was going to be as little as $850,000. Unfortunately, this financial
structure became infeasible rather quickly as the increasing inflation and rising interest
rates rolled in with 2022.
In 2023, the financial sources for a project the size of Almond Gardens is limited to
Tax-Credit financing. The preparation and focus needs to stay on Tax-Credit financing
as a viable method, while considering other potential sources of financing such as the
State of California, or ABAG affordable housing funds that may become available.
Almond Gardens
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