P
acific Development is poised to break ground on its 396-unit apartment community, Madrone, in Santa Rosa, California. This project will be the flagship of a three-phase master plan that aims to bring nearly 800 units, including single-family homes and retail spaces, to the area. The development team has secured a $97 million construction loan from Comerica Bank, California Bank & Trust, and First Hawaiian Bank, led by JLL Capital Markets.

    Madrone will feature a community garden, city transit bus stop, Class 1 bicycle/pedestrian pathway, and other amenities that enhance the living experience for residents. The project is part of a larger effort to address the housing shortage in Santa Rosa, which has been historically undersupplied. The City of Santa Rosa worked closely with Pacific Development to annex a former dairy farm into the city, paving the way for this development.

    "This project represents an exciting opportunity to support the growth and success of Santa Rosa," said Sean Murphy, Founding Partner at Pacific Development. "We're proud to deliver a community that enhances the living experience for residents while fostering connection with the broader community."

    The City of Santa Rosa sees Madrone as a key component in addressing the state's housing crisis. Director of Planning and Economic Development Gabe Osburn praised the partnership between Pacific Development and city staff, which resulted in entitlements being secured in just eight months.

    This development follows a similar blueprint to Pacific Development's previous project, Launch, a 368-unit luxury apartment community in Alameda, California. The team plans to break ground on Phase II of the Alameda Master Plan later this year.