The Housing Authority of the County of San Joaquin and DFA Development, LLC, the developers of the Cal Weber 40 Apartments, will be developing mixed income apartments in downtown Stockton.

Stockton’s most iconic skyscraper is getting new life as a haven for artists thanks to a recent funding award from the State for the ambitious Medici Artist Lofts project.

Medici Pic 2

On Wednesday, September 20th, the California Tax Credit Allocation Committee approved recommendations for the 2017 second round of funding awards for affordable housing projects across the State. Among them is the Medici Artist Lofts in Downtown Stockton by DFA Development, one of only two Central Valley projects to secure funding during this round. The award completes full project financing, allowing construction to begin in the spring of 2018. The project has also received support from the City of Stockton through their HOME funding allocation and Downtown Infrastructure Incentive Program.

“We are beyond excited to start work on the Medici Artist Lofts and extremely grateful for the support provided from the City of Stockton leadership who has been a champion for these types of revitalization projects,” said Danny Fred of DFA Development and whose partner Chris Flaherty added, “The Medici Artist Lofts project signals another huge turning point for the City and downtown in particular while complementing our recently completed Cal Weber 40 Apartments which is 100% occupied."

The project would not have been possible without close collaboration with the Housing Authority of the County of San Joaquin and its Board, and Executive Director Peter Ragsdale, who provided tremendous support for the project, both during the application phase, commitment of financial resources and as a Co- Administrative General Partner with DFA Development. Mr. Ragsdale and the Housing Authority were awarded one of the largest tax credit allocations in the State this spring for their transformative Sierra Vista Phase I rehabilitation project in South Stockton. Together, the two projects will be a boon to affordable housing in the city. In addition to DFA and HACSJ, the ownership entity includes Riverside Charitable Corporation as the project’s Managing General Partner. The Limited Partner for the development is still to be decided.

Medici Pic 1

The Medici Artist Lofts was first initiated in late 2016 when DFA Development announced a partnership with Ten Space Development to transform the 12 story, 90 year old Medico Dental Tower into family housing for working artists and other working families. The project consists of 33 units (plus one unit for an on-site manager) geared towards individuals who derive a portion of their income from creative endeavors, and will feature amenities such as gallery space and events to cultivate the city’s artistic scene. Twenty-seven (27) units will be rented to households at rents affordable to households with incomes from 30% to 60% of countywide median., Another six (6) units will be rented at market rate, which makes the Medici Artist Lofts the first mixed-income project in the city. The announcement of the Medici Artist Lofts is also the first housing confirmed for Ten Space’s Open Window Project, the sweeping revitalization plan for several acres of Downtown Stockton.

“It’s been a long standing dream of ours to see the Medico Tower return as a prominent symbol of our downtown’s resurgence, so we couldn’t be more ecstatic to be moving forward with this project with DFA Development,” said Ten Space CEO Zac Cort. “And as exciting as the Medici Artist Lofts is, it’s just the tip of the iceberg and the first of several exciting projects we have on the horizon for the Open Windows Project.”

The name “Medici” was selected as an homage to the Medici family in Italy which played a prominent role in the advancement of art and science during the Renaissance, and also as a nod to the important role this project will play in Stockton’s own revitalization.

The project is the second from DFA Development in downtown to win tax credit financing recently, with the Cal Weber 40 winning in 2015. That project opened in the fall of 2016 and was fully leased within three weeks.

Construction on the Medici Artist Lofts will commence in the Spring of 2018, with an anticipated move in of Fall 2019.

MEDICI ARTIST LOFTS preliminary plans and elevations.pdf

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