Developer saving on land buy
Seniors or families to be housed at complex
LANCASTER — The developer of a proposed senior and/or family housing complex will save approximately $89,762 on the total purchase price of about $5.76 million on the property owned by the Lancaster Housing Authority.
The Lancaster City Council on March 26, acting also in its capacity as the Lancaster Housing Authority, unanimously approved a first amendment to the disposition and development agreement with developer Ravello Holdings Inc.
The proposed multi-phase project on 60 acres of vacant land between Whit Carter Park and Avenue H and south of Avenue H-8 between Sierra Highway and Cedar Avenue
would consist of 450 to 499 affordable housing units when complete.
Ravello Holdings will save $40,000 on Phase 1 of the proposed project in order to compensate and reimburse the developer for certain work needed to clear title exceptions and/or otherwise put title in a condition acceptable to the company, according to a staff report by Larissa De La
Cruz, director of Community Development, and Chenin Dow, assistant director, Community Development Housing & Economic Development.
The additional savings of $49,762 would provide for additional parking for Whit Carter Park.
A subordination agreement also approved at the meeting will subordinate the housing authority’s position in the property to the developer’s construction lender, a standard agreement for housing authority projects and necessary to enable the developer to obtain financing to develop the project, the report said. In March 2023, the housing authority approved an exclusive negotiating agreement with Ravello Holdings. Last May, the City Council
and the housing authority authorized the execution of a Disposition and Development Agreement with Ravello Holdings for the purchase and subsequent development of the vacant parcels between Whit Carter Park and Avenue H and south of Avenue H-8 between Sierra Highway and Cedar Avenue.