22630 Cameo Dr, Grass Valley, CA 95949 For Sale

Opportunity Overview

Tucker Commercial, as Exclusive Advisor, is pleased to present an investment opportunity for the development of high impact affordable housing in the Greater Higgins area of Grass Valley, California. The Cameo Affordable Housing Land (“Cameo”), located at 22630 Cameo Drive, comprises a 5-acre parcel strategically positioned to serve the region's increasing demand for affordable housing. Cameo represents a unique opportunity to acquire and develop a fast to market, transformative low income, high-density residential project in an area marked by ongoing growth and infrastructure development.

The latest proposal for the development includes 48 rent-restricted units, comprised of twelve (12) one-bedroom units, twenty-four (24) two-bedroom units, and twelve (12) three-bedroom units, all restricted at 30%, 50%, or 60% of AMI. This project will deliver critically needed affordable housing in western Nevada County and is eligible for California Low-Income Housing Tax Credits (LIHTC), providing valuable financial incentives for developers

The project was previously in contract with a developer who secured over $10 million in infill and infrastructure grants and completed all necessary engineering studies, including geotechnical, biological, traffic, drainage, and hazardous waste reports. Additionally, preliminary architectural and civil plans have been prepared, allowing a developer to leverage the existing reports and submittals, saving hundreds of thousands of dollars in soft costs and significantly reducing the time to market.

Property Details

• Location: 22630 Cameo Drive, Grass Valley, CA 95945

• Parcel Size: 5.00 Acres

• Zoning: R3- RH-SC-SP (High Density Residential – Regional Housing Need – Scenic Corridor – Site Performance)

• General Plan: Urban High-Density Residential (UHD)

• Asking Price: $1,100,000

Development Potential

The proposed development plan for Cameo includes 48 affordable residential units across three 2-story buildings, alongside amenities such as a community room and playground. The site is designed to address the local need for low-income housing. While the project is not fully entitled, significant progress has been made, including engineering reports, architectural plans, and preliminary county feedback.

Strategic Location

The property is situated near the intersection of State Highway 49 and Combie Road, offering direct access to both Grass Valley (13 miles) and Auburn (10 miles). This location provides convenient access to key services and amenities, including Higgins Marketplace and Combie Plaza. These centers feature anchor tenants such as Holiday Market, CVS, and Starbucks, providing essential retail and dining options within close proximity to the site.

Demographics and Market Demand

The Greater Higgins area has experienced steady population growth, with more than 18,000 residents living within a five-mile radius of the property. The median household income in this area is above the state average, reflecting a stable and growing community with demand for affordable housing options.

Notable nearby residential developments include:

• Lake of the Pines: A gated community with 1,884 homes and a population of approximately 4,350 residents, located one mile east of the property.

• Cascade Crossings: An 80-home development adjacent to the site, offering homes between 1,500 and 3,000 square feet.

• Lake Combie: A development of approximately 100 luxury homes surrounding a private 360-acre lake, located four miles east of the site.

Planning and Entitlement Status

The Nevada County Planning Department and the Fire Marshal’s Office have provided detailed feedback based on the previous developers Application for Design Review and Management Plan. Current ownership is working to submit a new Management Plan which will address the biological concerns raised in Nevada County’s response and clear the proposed building envelope for development, allowing a new developer to focus on design and building approvals.

Unit Mix and Affordability Restrictions

The planned development consists of a total of 48 affordable units, distributed as follows:

• 12 units - 1-bedroom

• 24 units - 2-bedroom

• 12 units - 3-bedroom

All units are designed to be affordable for tenants earning between 30% and 60% of the Area Median Income (AMI). This range ensures that the project will serve a diverse group of low-income residents, consistent with the provisions of the property’s Regional Housing Need Combining District (-RH) zoning.

Highlighted Financial Incentives

The project is eligible for significant financial incentives that enhance its feasibility and attractiveness to investors.

• Infill and Infrastructure Grants: The previous developer successfully secured $10 million in grants, which will substantially offset the development costs associated with the project.

• Low-Income Housing Tax Credits (LIHTC): The project, as submitted, is eligible for Low-Income Housing Tax Credits from the State of California. These tax credits are a critical component of the financing strategy for affordable housing developments, offering substantial equity to developers in exchange for maintaining affordability restrictions on the units for a period of 55 years. The availability of LIHTCs significantly improves the financial viability of the project, making it a compelling investment opportunity.

Investment Highlights

• Strategic Location: Easy access to State Highway 49 and nearby urban centers.

• Demographic Growth: Located in a growing community with stable income levels.

• Advanced Planning: The project is well-positioned for full entitlement, with a comprehensive submission packet available.

• Market Demand: The region has a clear need for affordable housing, supported by ongoing residential development.

• Financial Viability: Supported by $10 million in grants and eligibility for state tax credits, including the LIHTC program, which offers substantial incentives for developers focused on affordable housing.

Conclusion

Cameo offers a strategic development opportunity for those looking to make a significant impact in a growing community. With its prime location, favorable demographic trends, and significant progress in the entitlement process, this site is perfectly positioned to address the region’s pressing need for affordable housing. For developers, this project presents the opportunity to create high-impact, low-income housing that will have a lasting positive effect on the community. The groundwork laid by the previous developer allows for a streamlined path to development, making this an ideal project for those looking to deliver much-needed affordable housing and drive meaningful change in western Nevada County.