Iron Horse Lofts

The first loft development in suburban Contra Costa County, Iron Horse Lofts is the first phase of an innovative redevelopment that will transform the Pleasant Hill BART station area into a transit village. The land was developed in partnership with BRIDGE Housing Corporation: BRIDGE developed Coggins Square Apartments on the site and Holliday Development created Iron Horse Lofts. The promotion of public transportation, application of urban architecture in a traditionally suburban neighborhood, mix of below-market rate and market rate housing, high density per acre, and shared community spaces make Iron Horse Lofts a leading example of smart growth in the Bay Area.

Completed: 2002
Project value: $22 million
Number of units: 54
Project area: 67,500 square feet
Site area: 92,347 square feet
Average unit size: 1,250 square feet
Average unit price (2002): $410,000
Density per acre: 25 units/acre
Parking: 102 spaces

• The original lender encountered liquidity problems, and Holliday Development had to find a different lender midway through construction.
• In a suburban area unused to infill housing, the high density of the project caused some community concern.
• The grand opening was held just two days before the 9/11 tragedy; although the opening was very successful, sales slowed dramatically after 9/11.
• A slowdown in the area’s technology industry affected sales by making San Francisco more affordable.

Framework

In early 1995, Contra Costa County was working on the first phase of a plan to revitalize the Pleasant Hill BART Station. Holliday Development responded to a request for a proposal from the Contra Costa County Redevelopment Agency, and leveraged Holliday Development’s longstanding relationship with BRIDGE Housing to create a joint proposal. The proposal combined for-rent below market rate housing, to be developed by BRIDGE, and market rate town homes, to be developed by Holliday Development, with shared common spaces and amenities. Holliday Development realized that people in the suburban Bay Area were seeking more interesting “urban” design while still wanting the comforts of a suburban home. The result is the 54 town homes of Iron Horse Lofts, which combine the flexibility of lofts with the privacy of town home floor plans. Many of their distinctive design elements are found commonly in lofts: high ceilings, open-pitch and saw tooth roofs, open-plan interiors, expansive windows, and architectural detailing. Interiors are open and flexible, yet sleeping, working and living areas are separate.

Despite the economic consequences of the 9/11 tragedy, buyers—predominantly young professionals relocating from elsewhere in the East Bay—responded well to the new design, and the lofts fetched higher prices per square foot than surrounding developments.

Impact

This example of sustainable growth created a bold sense of place on a plot of land that was once a site for illegal dumping. With the success of Iron Horse Lofts, Contra Costa County is more committed than ever to working on a master plan for a vibrant, pedestrian-friendly environment that includes affordable and market-rate housing, retail outlets, and commercial projects around the BART station. Iron Horse Lofts has served as a successful example for other developers interested in placing affordable and market-rate homes on the same site.