$170M Affordable Housing Development In San Mateo Breaks Ground

SAN MATEO, CA — Kiku Crossing, a seven-story, 225-unit affordable housing development in San Mateo, broke ground last week with city council members, county supervisors and nonprofit sector officials attending.

The city of San Mateo and MidPen Housing partnered on the $170 million development, which is targeted toward low-income residents and located near the San Mateo Caltrain station at 480 E. Fourth Ave.

“Breaking ground on this important new affordable housing opportunity has been decades in the making,” San Mateo Mayor Rick Bonilla said in a news release. “Located just blocks away from the Caltrain station, this is a premier example of smart growth.”

The development also features a five-story parking garage with nearly 700 spaces, 524 of them publicly accessible. San Mateo is contributing $12.5 million toward construction along with the land under a long-term ground lease. San Mateo County is adding $3.8 million in loans.

Kiku Crossing was among the first developments in California approved under Assembly Bill 1763, which permits more density on projects located near transit stops. Around a quarter of the units will be prioritized for San Mateo city employees, with pricing geared toward those making between 30 and 80 percent of the Area Median Income.

“Kiku Crossing helps advance the efforts to address the need for affordable housing in the region by delivering hundreds of units for households of a variety of income levels,” said San Mateo County Supervisor Carole Groom. “This is a best-practice for smart, transit-oriented growth.”

The development is expected to open in 2024, with the parking garage projected to be ready by 2023.

MidPen Housing President and CEO Matthew O. Franklin thanked the city of San Mateo for “their visionary leadership in identifying this tremendous site as an affordable housing opportunity.”

“Mayor Bonilla, Leaders from the San Mateo City Council, County of San Mateo, MidPen Housing and Bank of America break ground on Kiku Crossing in San Mateo,” Franklin said. “Council and City staff have been wonderfully creative and committed partners to MidPen in making this community a reality.”