Marquis
Pulte Homes constructed 24 new LEED Silver-certified townhomes. The residences include four three-bedroom units and 20 four-bedroom units. As part of the City’s Below Market Rate (BMR) requirements for residential development, three townhomes were required to be sold to qualifying BMR households. Each unit had to be of similar size and designed to be indistinguishable from market rate units. The sales price for each BMR unit was restricted to $300,000–$470,000, depending on the designated affordability category of low or moderate income and requiring a 3-5 percent down payment. In comparison, market rate units at the Marquis property featured a starting sales price of $1.9 million and up.
To ensure affordability, BMR sales prices are calculated based on a standard 30 percent of income formula to safeguard a household from being housing cost-burdened.
BMR households who qualified to purchase a unit at the Marquis signed a 55-year deed restriction at the time of escrow closing, meaning their home’s value will remain affordable/below market rate for 55 years, even if it is resold.
These BMR units were each 4-bedrooms, meaning that qualifying households had to have at least four or more people in the household.
The project site is a 1.74-acre parcel that is part of the El Camino Real/Downtown Specific Plan.
Location
133 Encinal Ave., Menlo Park, CA 94025 View map
37.4592593,-122.1900144
133 Encinal Ave. ,
Menlo Park, CA 94025
133 Encinal Ave. ,
Menlo Park, CA 94025
Marquis