A long-empty slice of Fremont’s Centerville district is finally headed for a major makeover, with a new owner planning to pack the site with nearly 300 affordable apartments near transit.
Today, USA Properties Fund paid $11.5 million for a nearly three-acre parcel off Fremont and Peralta boulevards, according to the San Francisco Business Times. The deal advances long-discussed plans for the Centerville Plaza Apartments, which city documents describe as a major affordable housing addition to the neighborhood.
What’s Planned at Centerville Plaza
City of Fremont planning materials describe Centerville Plaza as a multi-building, 100% affordable community with 290 units. Phase 1 is centered on a five-story building at 37358 Fremont Boulevard, with additional buildings expected to fill out the rest of the block over time.
The city says the apartments are intended for households earning roughly 30% to 80% of area median income, and plans call for ground-floor retail and streetscape upgrades to stitch the project into the surrounding neighborhood. Interested residents can add their names to the city’s affordable housing interest list for updates and application information through the City of Fremont.
Funding and Approvals
A staff report from the California Municipal Finance Authority outlines an initial $60 million financing package for Centerville Plaza. The plan includes a $12.85 million subsidy loan from the City of Fremont, combined with tax-exempt bonds and low-income housing tax credit equity, according to the California Municipal Finance Authority.
Separate state records show that a California Debt Limit Allocation Committee application seeks a tax-exempt bond cap for roughly 140 units on a 2.33-acre portion of the site, a sign that current bond filings are focused on the initial phase. Those materials appear in a California Debt Limit Allocation Committee meeting binder.
Timeline and Neighborhood Impact
City planning documents indicate that funding for Phase 1 is already in place and that the first building is targeting a Spring 2028 leasing date. The plan also calls for street improvements along Fremont Boulevard, including a 14-foot sidewalk and a five-foot bike lane that are intended to make the area more walkable and bike-friendly.
The City of Fremont notes that the site is within walking distance of the Centerville Train Station and is served by AC Transit, which gives the project a genuine shot at being more than just “parking plus apartments.” Even so, public meetings and local coverage have flagged worries about traffic and parking during construction and after the project opens, according to Tri-City Voice. City planners say those issues are expected to be tackled through mitigation measures and design work during permitting.
USA Properties Fund, a Roseville-based developer with a long portfolio of affordable communities across Northern California, is slated to lead the build-out while final financing and approvals are completed, according to the company’s newsroom. The firm’s past projects and the public financing documents indicate that Centerville Plaza will roll out in phases and will depend on a stack of public subsidies, tax-exempt bonds, and tax credit equity before construction can fully ramp up.
