CLAM buys 60 Third Street in Point Reyes Station
Historic renovation of workforce housing downtown Point Reyes Station
We are brimming with the news that CLAM has purchased 60 Third Street! The property is right across the street from 30 Third Street, which CLAM acquired just last month.
Our team moved quickly to purchase this property and make good on a rare opportunity to preserve a second home right in the heart of Point Reyes Station. The homeowner needed to sell fast, and arranged a bargain sale of $630,000 to keep the home from going onto the speculative market.
We were able to put together a funding package with a combination of CLAM reserve funds and very low-interest bridge loans from generous CLAM supporters, whom we reached out to for assistance. These loans will be good for 12-18 months, and then will need to be paid back. We will apply for Measure W and other funding sources, and, as with 35 Third Street, we will need lots of help from our neighbors to fundraise and fix the place up to make it available to the community.
While this sale happened quickly, conversations about bringing this home into community hands had been going on for over a decade between the home’s owner and former CLAM Board member Marshall Livingston.
Is there a house in your neighborhood that is under-utilized?
What do you see in your neighborhood and how can CLAM help? Let’s start a conversation! You never know where it will lead down the line.
Each new home acquired by CLAM is unique. Each one is filled with stories. These latest acquisitions feel so special. In two months, CLAM has acquired two homes right across the street from one another. Nestled right downtown, Third Street, which runs perpendicular with Hwy 1 across the street from the Building Supply Center, is an amazing location for community housing. In fact, we have learned through this process from local historian Dewey Livingston that these two homes and the many of the neighboring buildings along Third Street were built for the purpose of providing housing for local workers. Now, we have the opportunity to bring these homes full circle, to preserve them for future generations as affordable housing.
Getting down to business
At the moment, CLAM is prioritizing getting the home across the street, 35 Third Street, ready to be lived in. 60 Third Street is “in the queue.” Over the next 6 months, we will refine the repair plan and the financing plan for 60 Third Street. We are so grateful to the folks who joined forces with CLAM to make this purchase possible, including Marshall Livingston and the CLAM supporters who provided bridge loans for the purchase.
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