The Cypress School District has entered into a Purchase and Sale Agreement with Melia Homes to sell the District Administration property at Moody and Orange for a base price of $9.1 million. This project is scheduled to be senior housing.
The deal was given formal approval by the Cypress School District’s Board of Trustees at their most recent meeting Nov. 12.
This property is zoned Public/Semi-Public, meaning any affordable Senior Housing development would be permitted use without a vote of the residents.
While plans have not been officially submitted to the city for approval yet, the project has reportedly been described as having 98 senior units, with 50 of them being classified as “affordable”.
Depending on what affordable classification is built, the school district could receive up to $11.2 million for the property. The State has deemed that any project that is 50% + 1 unit is considered an affordable project. This mix of 50% + 1 being affordable and the rest being market-rate senior housing will allow for a project with more amenities and a better land value for the school district.
The project is proposed as 2 story flats so that all the living space is on one floor. A unit will be on either the 1st or 2nd floor.
With the Senior Center, several churches, City Hall, Library, and Concerts on the Green less than a mile away, locals think this is a great location for Senior Housing.
The school district has already purchased another building that will serve as their administrative office at 5816 Corporate Ave, Cypress.
Currently, Cypress has about 4% of its residential units restricted for seniors while 28.5% of Cypress residents are 55 and over.
