Sridhar Properties Leading Key Development Proposal in Downtown Santa Cruz

MATT SRIDHAR’S TEAM HAS PROPOSED A NEW 333 CONDO PROJECT DESIGNED TO REVITALIZE OCEAN ST. THE NEW DEVELOPMENT WILL ALSO PROVIDE FANTASTIC COMMERCIAL AND RETAIL SPACE



Jan 1st, 2019

Santa Cruz, CA – San Jose-based developer, Sridhar Properties are at the forefront of a new 333-unit Upper Ocean condo project. The aim is to unify a total of 19 property parcels around 908 Ocean St. between Marianne’s Ice Cream and Togo’s Sandwiches. The new development will transform a poor quality, underutilized area into a mixed development consisting of residential, commercial and retail areas. It will boost the levels of affordable housing in the area as well as providing solutions for issues with traffic and parking.

The development will consist entirely of 333 single-bedroom condominiums, each providing 650 square feet in total and one bedroom per property. This choice provides the developer with the opportunity to increase the density of their project by providing the city with “small ownership units” that are in high demand. 50 of the units will provide affordable rates while there will be an additional 6000 square feet of commercial space.

Parking will not be a problem as the proposal includes two mainly underground levels for onsite parking as well as on-site public parking for businesses on the lower floors. In total, the development will provide 333 private parking spaces, 333 bike spaces and 28 commercial parking spaces. The company has been meeting with local residents to ensure the aesthetic design fits their desires and tackle any concerns head on. At a local, public community meeting, architect & designer Sal Caruso stated:

“This is fantastic for me as an architect, so I can help mold the project to the community, rather than vice versa. I didn’t design anything yet, other than get parking laid out. I sort of saw how many units can be put on there. But we have not designed architecture, the look, landscaping. We have concepts, but I want to hear what concepts you want and you enjoy.”

Providing a development that local residents love and will enjoy while working to ensure it offers practical benefits are two key goals for Sridhar Properties. The project is being described as part of a catalyst area that could transform the character of Ocean Street.

For more information, please contact Dan Saltzman at (408) 365-4911, email via pr@sridharequities.com, or visit the Sridhar Capital website at sridharcapital.com to learn more about the SE Team investments.