MTD Board of Directors Approves Option Agreement with CONAM to Jointly Develop Housing

Press releases are posted on Independent.com as a free community service.

SANTA BARBARA – After an extensive request for qualifications and proposals (RFQ/RFP) and negotiating process, today the MTD Board of Directors of Santa Barbara MTD voted unanimously to approve an option to ground lease agreement with ConAM RE Investments, LLC (ConAm) to jointly develop transit-oriented, multifamily rental housing on MTD’s vacant property on Calle Real in the Eastern Goleta Valley.

Based on the project parameters set by MTD in the RFQ/RFP, ConAm has proposed a transit-oriented development project with approximately 333 residential rental units with not less than 15% of the total units affordable to very-low, low-, and moderate-income households. The affordable units will be income-restricted through recorded long-term covenants and integrated throughout the overall project site. The project will include onsite amenities for the residents and an after-school learning center. The project is adjacent to MTD’s Line 7 route and will provide new transit riders, as well as the opportunity for MTD to expand its operations throughout its service area.

The project must be reviewed and approved by the County of Santa Barbara and other government agencies with jurisdiction over the property.

“Housing is the biggest crisis facing our community today. We are proud that MTD is able to enter into an agreement with the aim of producing new transit-oriented housing supply on our property that is consistent with the County’s Eastern Goleta Valley Community Plan, while providing an opportunity for MTD to further expand its transit services in eastern Goleta,” said Dave Davis, MTD’s Board Chair.