"HAYWARD The site of a proposed housing development in Hayward has flopped into a loan default, a financial setback that raises questions about the project's prospects, since it has yet to break ground. At 22330 Main St., the project had been expected to produce 314 apartment units, according to plans on file with the city. Hayward officials had approved the project in 2022."
"The 3.9-acre development site is near the corner of Main Street and A Street. An affiliate headed up by Texas-based real estate entrepreneur Amit Goel owns the property and had proposed the development. The site at present is a largely vacant property in a core area of Hayward. The Goel proposal for housing had replaced previous plans by a different developer to build medical offices."
"The Goel-led group bought the property for $15.8 million in 2020, documents on file with the Alameda County Recorder's Office show. Goel's affiliate obtained the site at a time when the prior owner had been forced into a receivership on the site. At that time, the Goel-controlled entity obtained a $28 million loan for the property from Timberlake Mortgage, Alameda County documents show. In June, the lender disclosed the loan was in default, county records show."
"Along with the 314 housing units, the project was expected to include 7,100 square feet of ground-floor retail spaces, a staff presentation to the Hayward Planning Commission stated in 2022. Of the 314 apartments, 19 of the units were slated to be set aside for very low- and low-income households, the city report stated. When the Planning Commission considered the project in 2022, some Hayward residents and city officials complimented the proposed development as an important way to create more housing in the municipality,"
The 3.9-acre site at 22330 Main St. in Hayward was approved in 2022 for a 314-unit apartment project with 7,100 square feet of ground-floor retail and 19 units reserved for very low- and low-income households. An affiliate led by Texas-based entrepreneur Amit Goel acquired the largely vacant property in 2020 for $15.8 million and obtained a $28 million loan from Timberlake Mortgage. The lender disclosed the loan was in default in June, raising uncertainty about the project that has not yet broken ground. The housing proposal replaced prior plans for medical offices and had drawn support from some residents and officials.
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