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Park Haven Plaza Update: April 2025
Novin Development (“Novin”) is building a 36-unit housing project near the intersection of Highway 1 and Park Avenue in the County of Santa Cruz (“County”), CA. Park Haven Plaza (“Park Haven”) is a modular new construction multi-family affordable facility that will provide supportive homes for veterans, transition-age youth, and families - financed by public and private resources.
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Park Haven development has encountered unforeseen weather, scheduling challenges, factory supplier failure, modular transport difficulties, switchgear supplier procurement delays, PG&E connection delays, and historical construction cost inflation, resulting in a substantial budget gap compared to 2020 project submittal estimates. The current gap is both comparable to other Central California/ Bay Area escalations in cost AND has encountered some unique experiences.
Due to the cost increase, Park Haven construction has been suspended. During this pause, the Novin team is coordinating with lendors and the County to secure the Park Haven structure and sustain community safety. Roof installation and protective draping has weatherproofed the structure and staff monitor the site/building for debris, mildew, or other issues.
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Continued Update
Novin is committed to completing Park Haven despite these challenges and is exploring potential funding sources:
- Novin submitted an $2MM application in March 2025 to the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP). - The project team will apply for Low-Income Housing Tax Credits in Q2 2025.
- Additional private funding from mission-driven lending programs to help capitalize the project is also being sought.
Novin is optimistic one or more of these avenues will provide required additional funds to complete Park Haven. Awards are expected to be announced in Summer 2025. If additional private funds are identified, construction could resume Fall 2025. Novin, project lenders, development partners, and the County are working to solve the financial gap and completing the Park Haven project. Questions and concerns can be addressed to info@novindevelopment.com or to our head of construction 925-344-6244 to learn more. Novin will provide updates on Park Haven via the project website as status updates warrant.