USA Properties Fund estimates that construction of Terracina at The Dunes will be completed in the first quarter of 2024.
Courtesy USA Property Fund
USA Properties Fund estimates that construction of Terracina at The Dunes will be completed in the first quarter of 2024.

Construction has begun on a 140-unit mixed-income residential development on the site of the former Fort Ord in Marina, California.

Terracina at The Dunes is Monterey County’s first apartment community by longtime developer USA Properties Fund, headquartered in Roseville, California.

The new development will be part of The Dunes Master Planned Community, a 1,237-unit development of a former Army post by Marina Community Partners. Dunes also has large shopping centers such as Target, Kohl’s, Bed Bath & Beyond, Old Navy stores, nearby restaurants and a movie theater.

“This is a beautiful master-planned community in a high-cost coastal market,” said Jatin Malhotra, USA Properties Vice President of Acquisitions.

The beach is just a few blocks away and is home to many schools including California State University Monterey Bay, several parks and Marina High School.

Terracina in The Dunes has two locations, serving as the first home for retirees living on a fixed income and home to professionals saving early in their careers. Apartment communities are less than a mile apart and share names and staff, but each have their own amenities, including community and fitness rooms.

USA Properties Fund acquired parcels totaling 6.5 acres from Marina Community Partners for a nominal fee. Marina Community Partners also provided approximately $8 million to USA Properties to assist in development and enable affordable housing.

Don Hofer, Vice President of Shea Homes and Marina Community Partners, said: “The Terracina at The Dunes Community provides the necessary housing for those who work in the community or prefer to live near the Monterey Bay Area. Impossible and demonstrates Shea Homes and Marina Community Partners’ continued and important commitment to the dune master plan and the marina community.”

affordable housing opportunities

According to the development team, public-private partnerships including the California Home Finance Authority (CalHFA), Chase Bank, and WNC were critical to moving the $71 million project forward.

Terracina’s rents at The Dunes Apartments are significantly cheaper compared to nearby market-priced units in Marina, making them accessible to residents of a wide range of income levels. CalHFA issued tax-exempt bonds for the project and provided long-term perpetual loans and grants through its mixed income program.

CalHFA Executive Director Tierna Johnson Hall said: “By providing apartments to a low-income mixed population, this development will enable locals to improve their financial and housing situation without leaving the community they call home.”

Terracina at The Dunes is available to low-income residents who meet a wide range of income limits set by the California Tax Credit Allocation Committee. A renter earning 30% to 70% of the median income in the area (approximately $24,400 to $57,000 for her two-person household renting a one-bedroom apartment) could qualify for The Dunes’ Terracina. I can do it.

Rent for a one-bedroom apartment ranges from about $600 to $1,455 per month. Two-bedroom apartments run from $715 to $1,740, and three-bedroom units can be rented for around $820 to $2,000.

The new project will increase the city’s affordable housing supply by more than 30 percent, according to Marina City Manager Layne Long. About 150 families are on the waiting list for his 420 affordable apartments in the beachside community. It takes the average family at least four years to move into affordable housing.

“I’m excited that The Dunes development projects continue to move forward, including the Terracina project,” said Long.

The Terracina at the Dunes community sites (one with 92 rooms and the other with 48 rooms) include community and fitness rooms. Other amenities include computer stations, basketball courts, picnic areas, numerous playgrounds, and a laundry room.

The apartments are equipped with energy efficient appliances and lighting fixtures, ceiling fans, low flow faucets, showers and toilets.

The development has a coastal architecture look and uses a variety of materials to complement the single-family homes near the Dune master-planned community.

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