Rare infill development opportunity located in the heart of Newark’s Old Town Specific Plan. The Thornton Heights Redevelopment offers investors and developers a unique chance to deliver a high-impact housing project in one of the Bay Area’s most cooperative and pro-growth cities. This offering includes two adjacent parcels totaling ±21,000 SF (0.48 acres) positioned within Newark’s revitalization area, where the city is actively seeking quality housing developments that bring new energy and affordability to Old Town. Situated in the Residential High-Density zoning district, these parcels are perfectly suited for multifamily or mixed-use housing and may qualify for 100+ residential units under California’s Density Bonus Law. This law allows higher density and streamlined approvals for projects that include affordable housing. Developers can benefit from accelerated entitlements, reduced holding periods, and enhanced financial feasibility due to the city’s strong support for housing production. Next door, a 59-unit affordable housing project is currently under construction, supported by $12 million in Newark Development Grants a clear signal of the city’s investment in new residential growth. Projects at this site may be eligible for over $20 million in state and local funding, including California HCD grants, local housing trust support, and low-interest financing programs that help reduce upfront capital costs and improve ROI. Newark’s proactive stance on infill development and housing production makes this one of the most attractive small-scale multifamily sites in the East Bay. Key Highlights Two side-by-side parcels totaling ±21,000 SF (0.48 acres) Zoning: Residential High Density (Old Town Specific Plan) 100+ Unit Potential under the State Density Bonus Law Eligible for $20M+ in local and state housing grants Next door to $12M city-funded affordable housing project Fast-track city approvals and entitlement support Strong demand for affordable and mixed-income housing Ideal for developers, housing funds, or community partners Location Advantages The property is located within Newark’s Old Town Specific Plan area, a walkable district envisioned as a vibrant mixed-use neighborhood with new housing, local-serving retail, and open spaces. The city’s plan prioritizes residential growth and affordable housing development, providing a streamlined pathway for projects that align with Newark’s housing goals. The site is well-positioned near major transportation routes (I-880 and Dumbarton Bridge) and within commuting distance to Silicon Valley’s employment centers, making it ideal for workforce housing and long-term community development. Investment Highlights Zoning Flexibility: Residential High Density zoning supports multifamily and attached housing types. Grant Access: Eligible for multiple funding programs, including AHSC, Infill Infrastructure Grants, and Local Housing Trust Fund initiatives. Public Support: City officials and planning staff actively encourage high-quality infill housing and have demonstrated willingness to collaborate with developers to achieve housing production goals. Market Demand: Newark continues to experience strong rental demand driven by limited supply and proximity to major tech and logistics employment centers. Comparable Development Activity: The adjacent $12M affordable project and surrounding mixed-use developments show strong civic momentum and investor confidence. Development Potential Developers can pursue a range of housing concepts, including: Affordable Housing: Maximize state and local incentives through all-affordable or mixed-income development. Mixed-Income Multifamily: Combine affordable and market-rate units to enhance project economics and community impact. Small-Scale Mixed-Use: Add ground-floor retail or live/work spaces to meet the area’s growing demand for neighborhood-serving uses. This property’s combination of prime location, strong civic support, substantial grant eligibility, and entitlement incentives makes it one of the most compelling infill redevelopment opportunities currently available in the East Bay. Summary of Advantages Located within Newark’s Old Town Specific Plan 0.48 Acres Total (Two Adjacent Parcels) 100+ Unit Potential under Density Bonus Law Eligible for $20M+ in Grant Funding Next Door to $12M Affordable Project Fast-Track City Entitlements City-Supported, High-Growth Zone Ideal for Affordable or Mixed-Income Development