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City Officer: Board of Supervisors – Filed: March 7, 2014 – Contractor: Carroll Avenue Senior Homes L.P., a California limited partnership

Nature of Contract

55-year long-term ground lease with one 44-year opiton to extend with Carroll Avenue Senior Homes, L.P., to develop, manage and operate 120 affordable senior rental units (plus one managers unit), with 20% of units set-aside for formerly chronically homeless individuals, and a senior center.

Date Contract Approved

March 4, 2014


The annual rent amount for this site totals $581,000.00 of which:

Base rent = $15,000.00

Residual rent -$566,000.00 (only paid if cash flow is available


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