Arden Development to lead Sky Castle project

Arden Development, Inc. will act as the lead developer for the Sky Castle (Phase I) affordable housing project, earning a $13.4 million fee largely paid through deferred cash flow over 15 years. The fee structure is coordinated with tax credit investor and lender requirements to ensure project feasibility and compliance.

Scope & details

The full contract record, as filed.

Contract amount

$13,409,266 total developer fee (of which $377,729 cash at construction; $13,031,537 deferred developer fee)

Contract type

PROFESSIONAL_SERVICES

Contract term

Deferred developer fee projected to be fully repaid by year 15 from surplus cash

Renewal date

2044-11-30

Renewal

Deferred developer fee is expected to be fully repaid by year 15 through surplus cash distributions; no renewal of the development services agreement is indicated beyond completion and close-out.

Document type

AgendaPacket

Source document

California Housing Finance Agency AgendaPacket Public Meeting Agenda 2026-07-23

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the professional services contract by California Housing Finance Agency?

Arden Development Inc was awarded this professional services contract by California Housing Finance Agency, as recorded on July 22, 2026. The contract value is $13,409,266 total developer fee (of which $377,729 cash at construction; $13,031,537 deferred developer fee).

How much is the Arden Development Inc contract with California Housing Finance Agency worth?

The Arden Development Inc contract with California Housing Finance Agency is valued at $13,409,266 total developer fee (of which $377,729 cash at construction; $13,031,537 deferred developer fee), covering professional services work.

What type of contract is this?

This is a Professional Services contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in California Housing Finance Agency AgendaPacket Public Meeting Agenda 2026-07-23 (AgendaPacket), dated July 22, 2026 from California Housing Finance Agency. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Arden Development Inc hold?

Arden Development Inc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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