BLT Enterprises Launches Ground-Up Development Of 500-Unit Multifamily Community In Supply-Constrained Napa, CA
NAPA, Calif. – BLT Enterprises, a multi-faceted real estate investment company, has announced the planned development of Phase I of Vista Tulocay, a 500-unit multifamily community that will fill a deep void in the Napa, California housing market, according to Rob Solomon, Chief Development and Legal Officer for BLT Enterprises.
“Napa is in dire need of new housing options,” says Solomon. “The city attracts more than 1,000 new residents each year, while only 200 building permits are approved annually. Based on the growing need for quality housing in the region, we were able to demonstrate the strength of our planned project, as well as the benefits this development will deliver to the City of Napa.”
Vista Tulocay will be situated on a currently vacant 20-acre parcel adjacent to the Napa River and within biking distance to Napa’s vibrant downtown core. The development will occur in two phases: Phase I, which was recently approved by the Napa City Council, will include 282 apartment units on approximately 12.5 acres. BLT Enterprises plans to begin development on this phase immediately. Phase II, which is currently being designed and will be presented to the City for approval in the near future, is planned to include between 98 and 218 additional residential units on eight-acres.
“The entitlement of Phase I is a tremendous milestone that marks the culmination of many years of collaboration between our firm, the Gasser Foundation and the City of Napa,” explains Shawn Guttersen, a Partner at BLT Enterprises who was integral in securing the entitlements for the project.
“This is a historically strong market that has recently been defined by high rents and extremely low, sub-2 percent vacancy rates,” Guttersen explains. “Our planned development marks the largest influx of housing in the city in the past five years. We are truly committed to serving the housing needs of the Napa community as a whole, and we are eager to begin development of this exceptional project.”
Phase I of Vista Tulocay is planned to include nine three-story buildings situated just off Soscol Avenue, a major thoroughfare in Napa. The apartment community will have unobstructed views of the Napa River, a public trail network, and will include a bridge over Tulocay Creek providing direct connection to the recently completed retail and entertainment center anchored by Century Theaters.
“The location of Vista Tulocay is ideal for any Napa resident seeking the quintessential community environment,” says Solomon. “The project is in close proximity to a vast array of retail and restaurant options, and is just a mile and a half from Downtown Napa, providing future residents with a variety of social and nightlife options. In addition, the nearby Napa River Trail caters to those who enjoy an outdoor, active lifestyle.”
Vista Tulocay will feature a number of amenities, including a community center, state-of-the-art fitness center and various resort-style pools, among others. Phase I of the development will yield 77 one-bedroom, 186 two-bedroom and 11 three-bedroom units, as well as eight three-bedroom townhomes. BLT Enterprises plans to integrate ample guest parking with a mixture of garages, carports and open parking lots to accommodate up to 485 vehicles.
“The approval of this project by Napa’s City Council and our planned investment into various housing options throughout the City denote a new chapter for the city of Napa. We look forward to delivering high-quality, innovative housing for this dynamic local community to enjoy for years to come,” says Guttersen.
About BLT Enterprises
Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate investment company with an exceptional track record of success in industrial and commercial real estate. The firm has developed or acquired more than $2 billion in assets to date. BLT Enterprises specializes in the acquisition, entitlement, development, operation, and property management of industrial, office, retail, residential, mixed-use and special-use properties.