, it has faced continual challenges related to environmental lawsuits filed by neighborhood opposition groups. The project remains unbuilt today.
Madison Park successfully entitled Golden Gate Plaza in February 2021, about two years after it was first proposed. The firm, which has owned the site since 2006, previously operated a 47-unit apartment building built in the early 1960s there. Protopappas said the company proceeded “slowly and carefully” and worked closely with the community. The project also utilized state density bonus law, which allows developers to trade on-site affordable units for more density than would otherwise be allowed, and Senate Bill 330, which provides a path to streamlined approvals for eligible residential projects.
The firm is currently in negotiations with lenders for construction financing, Protopappas said, adding Madison Park is preparing to put up anywhere between a third to a half of estimated $64 million project cost in equity, largely because of interest rate hikes.