Truckee Artist Lofts

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The Truckee Artist Lofts was the first approved project within the Railyard Master Plan Area and was envisioned as a mixed use/mixed income neighborhood providing new high density housing Downtown. The applicants have been working to guide the project to construction and through this effort the project has evolved since the initial project approval in May 2016. The following is a summary of approvals for the project:

  • The Truckee Artist Lofts project was approved on May 10, 2016. The original project included the construction of a four-story, 121,000 square foot, 77-unit multifamily housing project with 66 income-restricted rental apartments and 11 market-rate long-term rental units, 45 onsite parking spaces, and 3,855 square feet of ground floor commercial space within the Downtown Extension (DE) District of the Railyard Master Plan. Approved changes to the Railyard Master Plan were incorporated in November 2016, and approved changes to the Downtown Specific Plan were incorporated in January 2017.
  • The Town Council subsequently reviewed and approved requests from the applicant related to the Town’s low interest deferred loan. (For a summary of these approvals, please see Table 1 below.) In October 2017, the number of for-rent residential units was increased from 77 to 90, with 71 of the units restricted to households earning up to 60 percent of Area Median Impact (AMI) and five restricted to tenants making no more than 120 percent of AMI. Although the total unit number of residential units increased, the changes did not generate any additional parking demand or other significant modifications to the building architecture. The changes were primarily due to a reduction of three-bedroom units and replacement with studio and one-bedroom units.
  • The Planning Commission approved a two-year time extension for the Truckee Artist Lofts project on June 19, 2018, extending the land use entitlements that would have expired in May 2018.

In August 2018, the developer submitted an application requesting approval of a Project Amendment, which is scheduled for review by the Planning Commission on Tuesday, August 21, 2018. Following is a summary of the proposed changes to the project:

  • Revise the required number of onsite parking spaces from 45 enclosed garage spaces to 24 covered onsite parking spaces;
  • Reduce the amount of ground floor retail area from 3,855  square feet to 3,600 square feet;
  • Change the building design to remove the previously approved balconies and second floor common area terrace courtyard; and
  • Change the type of construction from a conventional stick built building to modular construction.

Changes to the project affordability are not proposed as part of the Project Amendment application. The applicants anticipate going to Town Council in September 2018 with a project update on financing and a request to modify the affordability matrix (to move towards an 100% affordable project). A summary of the changes to the project affordability to date is below:

Artist Lofts Tax Credit Applications Summary 

 

Low-Income Tax Credit Application

 

May 2016

February 2017

June 2017

October 2017

Low-Income Tax Credit Type

9%

9%

9%

4%

Town Loan Request

$1.3 million

$1.4 million

$1.4 million

$1.65 million

Total # of

Residential Units

77

77

77

90

# of

Affordable Units

66

(30-60% AMI)

71

(66 at 30-60% AMI; 5 at 120% AMI)

71

(66 at 30-60% AMI; 5 at 120% AMI)

76

(30-60% AMI; 5 at 120% AMI)

# of

Market Rate

Units

10

5

5

8

 

Please see the images below for a comparison of the approved and proposed building elevations:

 Approved

Artist Lofts North Elevation Approved

Artist Lofts South Elevation Approved

Proposed

NorthSouth


 

To view the staff report for the August 21, 2018 Planning Commission hearing, please click here

For additional information on this project, please contact Laura Dabe, Assistant Planner, at ldabe@townoftruckee.com or 530-582-2937.