RFP – Construction-term Debt Webster Street Hotel Conversion

March 2, 2023

RFP – Construction-term Debt Webster Street Hotel Conversion

Published March 2, 2023

FAQ Published March 20, 2023

Island City Development seeks proposals from qualified lenders to assist in financing the acquisition and renovation of a hotel conversion project with a total of 50 units at 1628 Webster Street, Alameda, CA 94501. This acquisition and renovation is expected to close on September 25, 2023.

The Webster Street Hotel Conversion development is the conversion of an extended stay hotel, in good condition, elevator-served, on an engaging, transit-oriented street in the City of Alameda. This project contains forty-nine studio units of affordable housing (with their own kitchenettes and baths). Thirteen of the units will serve CES-filled homeless individuals that will need case management. Renovation will focus on creating additional accessibility, updating community spaces and adding solar for streamlining operating costs. Island City Development operates and reviews multiple affordable developments within a few miles of the site and is a hands-on and responsive owner to its residents, funders, and the surrounding neighborhood. The Housing Authority of the City of Alameda (AHA) is a co-sponsor of this development.

The permanent funding sources for this development include the Multifamily Housing Program of the State of California and the Housing Authority of the city of Alameda. There is no permanent mortgage. AHA funds are available during construction, but the State funds are only available after construction and conversion.

Deadline for Questions regarding the RFP are due March 16th, 2023, by 5:00PM.

Questions must be e-mailed to Sylvia Martinez, Director of Housing Development at smartinez@alamedahsg.org with a copy to Jocelyn Layte, Housing Development Specialist at jlayte@alamedahsg.org. Please use the subject line “Webster St Hotel Conversion Debt RFP – Questions.” A list of the questions asked and the answers will be published here.

Deadline for Submittal of Proposals for the RFP is April 10, 2023, by 5:00PM.

Please email responses to Sylvia Martinez at smartinez@alamedahsg.org with a copy to Jocelyn Layte at jlayte@alamedahsg.org. Subject of the email should be labeled “Webster St Hotel Conversion – Const. Debt RFP Proposal by [Respondent’s name].”