Exciting things are happening in Santa Cruz, California, as the real estate landscape evolves with three new developments set to transform the area. These projects promise not only to enhance the local community with modern design and amenities but also to offer unique opportunities for those looking to invest in one of the most desirable regions on the West Coast. Whether you're a potential homeowner, investor, or simply interested in the growth of Santa Cruz, these developments are worth watching closely.
Here's a closer look at what's on the horizon for the region:
The Clocktower Center
The Clocktower Center is a proposed housing development located at 2020 N. Pacific Ave. in Santa Cruz, set to replace a former Santa Cruz County Bank building. Developed by local firm Workbench, two versions of the project have been proposed: a 16-story building with 260 units (40 affordable) and an 8-story building with 174 units (24 affordable). Both designs feature ground-floor shops and a central courtyard. These designs leverage state density bonus laws, allowing for greater height in exchange for more affordable housing. The project is still in the pre-application phase, with upcoming meetings scheduled for community input. City leaders have limited power to block the project as long as it meets objective design standards and state laws.
Ocean Street Project
The 908 Ocean St. project is a major housing development proposed for Santa Cruz, spanning approximately 20 parcels between Ocean, Hubbard, May, and Water streets. Developed by High Street Residential, the project includes plans for 351 apartments, ranging from studios to four-bedroom units, across three- and five-story buildings. This new plan, a revision from a 2018 proposal, includes 52 affordable units and is expected to qualify for a state density bonus, allowing it to exceed local height restrictions. The project involves demolishing eight commercial buildings and 12 residential units, as well as removing eight heritage trees. A five-story building with commercial spaces and a one-level underground parking garage is planned for Ocean and Hubbard streets, while two three-story buildings are proposed for May Avenue and Hubbard Street.
The Cruz Hotel
The Cruz Hotel is a six-story luxury hotel proposed for 324 Front St. in downtown Santa Cruz, encompassing two city-owned parking lots and the former Santa Cruz Community Credit Union building. Approved by the Santa Cruz City Council in March 2024, the project includes 232 rooms, three floors of underground parking with 214 spaces, ground-floor shops, a café, a restaurant, a publicly accessible rooftop bar with three pools, and a banquet hall. Additionally, it features a public outdoor dining area with a path to the Santa Cruz Riverwalk on the San Lorenzo River levee. The project takes advantage of recent changes to the Downtown Plan, which allows non-residential buildings to exceed previous height limits. While the project has city approval, it may still face an appeal to the California Coastal Commission.
