I am excited to share with you that new housing developments will be coming to Modesto! With the housing market on the rise, we are looking to increase the housing inventory in our city.
We cannot start development on our own, so our goal is to help facilitate the growth of housing and encourage property owners and housing developers to begin building in our city. Our Community and Economic Development staff has already laid out some beautiful establishments that are ready to be presented to developers, and I am looking forward to their role in advancing our city in the future.
The first all-new establishment that is available for developers is called Tivoli [tiv-uh-lee]. Located in northeast Modesto, Tivoli will offer residential living for those with incomes ranging from low to high. The master planned community will consist of over 2,500 homes and apartments, and will be the biggest project we are offering to developers. As you can imagine, the Tivoli development will take time, but if the housing market continues to rise, it will get off the ground and running much sooner.
Right now, the Vintage, located on Dale Road behind the Vintage Fair Mall and Village 1, located between Oakdale and Clause Road, are under construction; you can even go visit the model homes for the Vintage to get a sense of the style it offers! The Vintage has about 230 lots that can accommodate medium income families, and Village 1 is available for medium- to high-income families.
As a related side note, the Federal Reserve announced recently it is cutting its interest rates, and this could mean savings for many workers. This cut is the first in over a decade, and could mean more savings for the average working person. So if you or someone you know is looking into new housing options, there are new reasons to consider making that investment.
Although Modesto can boast several new housing developments, your city leadership has not lost sight toward the goal of offering more affordable housing options. As the housing market continues to rise, the more likely we are to have an interest in developers wanting to partner with the city on increasing its inventory of affordable housing.
There also has been a growing interest within the community and among developers for housing downtown through Smart Growth principles, including live/work properties, and Transit-Oriented Development. With the help of planning efforts, like the Downtown Master Plan currently underway, we will have a road-map for providing these and other unique housing options for those who call Modesto home.
Stay tuned for more!