Nearly 300 affordable apartments proposed for redevelopment site in Fremont, California
Affordable Housing Development Planned in Fremont
A major affordable housing project could soon transform a long-empty property in Fremont, California, years after an earlier residential development collapsed.
According to public records, Sacramento-based developer USA Properties Fund and nonprofit Riverside Charitable Corp. purchased the nearly 3-acre site for $11.5 million. The acquisition was supported by $10.3 million in financing from Housing Trust of Silicon Valley, county records show.
Plans submitted to the city outline a mixed-use development known as Centerville Plaza Apartments. The proposal includes 290 affordable housing units along with approximately 5,000 square feet of retail space on the ground floor.
Previous Development Project Collapsed
The Fremont property, located at 37352 Fremont Blvd., was previously approved in 2019 for a larger residential and commercial project that included 93 apartments, 72 townhomes, and 26,000 square feet of commercial space. The original developer, Silicon Sage, demolished existing structures on the site, including a former fire station, before running into financial difficulties and abandoning construction plans.
In 2020, the Securities and Exchange Commission accused Silicon Sage and its founder, Sanjeev Acharya, of defrauding hundreds of investors — many from the local South Asian community — out of approximately $119 million. The company later filed for bankruptcy, and the Fremont property remained vacant for several years under receivership.
New Project to Be Built in Multiple Phases
USA Properties Fund became involved in the redevelopment effort in 2024 after securing land for the first phase with support from $12.8 million in affordable housing funding provided by the city.
The planned housing is intended for residents earning between 30% and 80% of the area’s median income. Officials also highlighted the project’s proximity to public transportation, making it attractive for working families and commuters.
Construction will take place in phases. The first phase includes 140 apartments and 1,600 square feet of retail space within a five-story building. A second phase would add 150 more housing units and 3,500 square feet of retail space spread across two additional buildings.
Fremont Faces Rising Housing Costs
Fremont, now recognized as one of the Bay Area’s leading advanced manufacturing hubs, has experienced growing housing pressure in recent years. The city hosts several major technology and manufacturing companies, including server makers Quanta Computer, Wistron, Mitec, TD Synnex, and Supermicro, along with Tesla’s large manufacturing facility.
Like many Silicon Valley communities, Fremont continues to struggle with a shortage of affordable housing. Average monthly rents in the city have climbed above $2,800, making it one of the most expensive areas in the East Bay. Officials have also faced challenges addressing homelessness as encampments continue appearing in public areas and parks.
USA Properties Fund says it has developed, acquired, or renovated nearly 19,000 apartment units across 92 communities since the company was founded in 1981. Among its recent projects are Orion, an affordable senior housing community in Orange County, and Mainline North, a 151-unit workforce housing development in Santa Clara near Levi’s Stadium.
Source: Original reporting by Rachel Scheier, CoStar News.
