Santa Cruz, California | Developer/Owner: Zen Development LLC.
Zen Development’s 90 unit The Tides is a new construction, 5-story affordable housing community at 525 Water Street in the City of Santa Cruz, at the northwest corner of Water and Market Streets. The site, formerly a vacant commercial building and surface parking, is in a highest opportunity area per the CTCAC/HCD Opportunity Maps and is within walking distance of many amenities. It was entitled under AB 2011 and Density Bonus Law, and construction financing closed in September 2026. The project is funded with CDLAC tax-exempt bonds, 4% LIHTCs, State Tax Credits, CDBG-DR funds from HCD, and project-based vouchers. Eighty-nine units serve low-income households at 30%-60% AMI in one- to four-bedroom floor plans, plus a two-bedroom manager’s unit. Most units are targeted to families, and 42 of the 89 units have project-based vouchers, including 23 VASH units for formerly unhoused veterans, nine 811 vouchers for people with disabilities, and 10 units for households from the Housing Authority of the County of Santa Cruz HCV waitlist. The building is four stories of Type V wood frame over a one-story podium, with all floors served by elevator. Ground floor podium space holds 35 parking spaces, a computer room, bicycle parking room, property management office, and resident/supportive services office. The second floor podium level holds an outdoor courtyard with a play structure, a community room, and a laundry room. There is also a roof top garden on the 5th floor. The project is all-electric, ADA accessible, includes solar PV, and was designed to meet the City of Santa Cruz’s objective design standards.
Year Complete: 2028
