Revitalizing Senior Living: CPP Invests $38M in Corinthian House for Sustainable Affordable Housing
In a poignant demonstration of its commitment to address the housing needs of an aging population, Community Preservation Partners (CPP) has taken a significant step forward in the Bay Area housing landscape with its latest project, Corinthian House. This marks CPP’s fourth venture in the region, joining forces with other communities like Franco Center in Stockoria, and El Rancho Verde and Lenzen Square Apartments in San Jose.
Built in 1982, the senior community of Corinthian House is noteworthy not only for its 102 units designated for seniors but also for its conscious effort to cater to income levels falling between 30 to 60 percent of the area median income. CPP’s substantial investment of roughly $38 million—which encompasses both the purchase price and the projected renovations—signals a transformative era for the property, ensuring affordability for the next 55 years. Such a considerable allocation of resources is a clear indicator of CPP’s strategic resolve and mission-driven approach to the real estate market.
Karen Buckland, Vice President of Development at CPP, captures the essence of this endeavor succinctly, stating, “San Jose and nearby Silicon Valley have a desperate need for affordable housing, specifically for the underserved senior community. Revitalizing and renovating Corinthian House will extend the physical and economic life of the development, preserving its affordability for 55 years to come.”
Applying a thoughtful combination of modernization and sustainability, the renovations at Corinthian House will encompass both interior and exterior upgrades to combat deferred maintenance woes. A key highlight is the inclusion of free Wi-Fi across all units post-renovation, which symbolizes CPP’s understanding of the necessity for connectivity in today’s digital age.
Moreover, the collaboration with LifeSteps is set to offer an enriching suite of services and classes that emphasize the company’s focus on holistic well-being for its senior residents, ranging from financial literacy to health-oriented programs.
Located in the amenable Campbell neighborhood, complete with nearby shopping, adult-centric activities, and essential services, Corinthian House is poised to become not just a place of residence but a vibrant hub for its senior occupants to lead fulfilling lives.
The project’s execution will not only preserve the Housing Assistance Payment (H.A.P) Section 8 contract for an additional two decades but also serves as an affirmation of CPP’s role as a vital force in the real estate sector’s charge towards innovative, sustainable, and compassionate housing solutions. All eyes are set on the completion date of December 2024, with anticipation for the positive impact it will have on the local community and perhaps, as a model for others to emulate nationwide.