2007 MFE Awards
Merit: Affordable

San Jose, Calif.-based The Core Cos. set out to develop an apartment community that was both affordable and a landmark for its hometown. The result is Delmas Park, an eight-story, 153-unit community that is 100 percent affordable.

The multiple financing sources included low-income housing tax credits, which were purchased by PNC Multifamily Capital, a loan from the County of Santa Clara, and tax-exempt bonds. Units at Delmas Park lease for $534 to $1,390 per month.

Delmas Park, which offers a mix of lofts and one- and two-bedroom units ranging from 500 square feet to 1,115 square feet, was designed by San Francisco-based David Baker + Partners. It features modern architecture to fit in with its infill location and solid concrete construction to make residents feel like they're living in single-family homes.

Other amenities include a first-floor computer room, fitness center, laundry room, and a sixth-floor recreation terrace boasting barbecues, dining tables, and a children's play area. Surrounded on three sides with sound-absorbing walls, the result is nothing short of an urban oasis.