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City of Seaside Buys Centrally-Located Property for Affordable Housing Development
On December 19, 2024, the Seaside City Council voted 4-1 to approve a $1,150,000 purchase of an apartment complex at 1591-1599 Del Monte Avenue as a site for future affordable housing. It was appraised at value of $1,270,000.
Funding for this purchase comes from the city’s "Affordable Housing Fund,” which is primarily comprised of accumulated revenue of the successor agency for the city’s former Redevelopment Agency. (The California legislature voted to eliminate redevelopment agencies in 2011, and they were all dissolved on February 1, 2012.) The property is adjacent to properties on Del Monte Avenue already owned by the City of Seaside, where the city's Economic Development Department and Housing Department are located. (There’s a sign on the front of that city building that says “Seaside Creates.”)
Built in 1930, the property includes a duplex and a four-plex, fully occupied under five month-to-month tenancies and one lease that expires at the end of June. It is being sold by the Shizu Lamm Living Trust. (Shizu "Susie” Lamm had founded the adjacent Ichi Riki restaurant in 1965; the restaurant was sold to a new owner in 2021.)
The site is within the City of Seaside West Broadway Urban Village Specific Plan area and within easy walking distance of the revitalizing Lower Broadway Avenue, the proposed Seaside Market development on Del Monte Avenue, and Monterey-Salinas Transit (MST) bus stops. It could become an excellent home for people who work at restaurants and other service businesses located in that area.
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