|An excavator digs a foundation at the townhomes under construction near the corner of Foothill Boulevard and Garey Avenue.|
|Pablo De La Cruz cuts siding for the Fair Oaks Walk townhomes.|
|This rendering shows what the finished project will look like.|
There are now more options than ever for Cal Poly Pomona faculty and staff to buy affordable housing near work and within a good school district.
For the first time, the Cal Poly Pomona Foundation is offering new affordable townhomes. Named for three oak trees preserved on the 2.5-acre property, the Fair Oaks Walk will include 34 townhomes and a small park.
“This is a big deal. We are building a community specifically for the faculty and staff of Cal Poly Pomona,” said Foundation Executive Director G. Paul Storey. “The affordability makes this very attractive.”
The Foundation has teamed up with The Olson Co. to build this development, which is currently under construction. The first 14 units are expected to be move-in ready by December.
Fair Oaks Walk is located in Pomona on the north side of Foothill Boulevard one block east of Garey Avenue. The development is across the street from the Albertsons within the highly-regarded Claremont Unified School District. There are two Metrolink stations within three miles, one of which is in the Claremont Village.
Two types of floor plans will be offered in the first phase.
- The Plan 1 floor plan is 1,590-square-feet, with three bedrooms, 2.5 bathrooms. Sales prices have not been set yet, but are estimated to start at $365,000.
- The Plan 2 floor plan is 1,785-square-feet and also includes three bedroom and 2.5 bathrooms. Prices are estimated to start at $395,000.
The need for affordable housing for faculty and staff has been well documented. Last year, a survey conducted by the Foundation revealed an immediate need for 80 affordable townhomes. Within the next 10 years, that need is expected to surmount 800 as the university continues to grow and property values remain high in Southern California, Storey said.
Homes will be made available to all Cal Poly Pomona employees, with priority given to tenure-track faculty who have worked at the university for less than three years.
Interested buyers are encouraged to act quickly. Homes not purchased by their completion dates by pre-qualified Cal Poly Pomona employees will be offered to other nearby academic partners, such as Mt. SAC, Cal State Fullerton and Cal State Los Angeles.
All homes will have a ground lease with restrictions including employment, use, and resale prices will be limited to CPI increases. CC&Rs will provide directions covering maintenance management and property insurance for the homes.
A “Dusty Shoe Preview Open House” will be hosted by The Olson Company by appointment only on Sept. 21, 22, and 23. Call (909) 869-3154 to sign-up. All visitors must sign a release of liability agreement, wear closed-toe shoes and no children will be admitted. For more details visit, http://www.foundation.cpp.edu/ha/fairoaks.aspx or http://www.olsonhomes.com.