Virginia Grove First Non-Publicly Funded
Residential Project in Marin County
Novato, CA - November 9 , 2006 - Tamalpais Bank today announced that it had provided funding to private developer HartMarin which will use the $3.7 million loan to build eight affordable, green homes in Novato, the first such project to be built in Marin County without public financing.
The project, Virginia Grove, is located at 1845 Virginia Avenue and will be comprised of eight detached, single family homes.
Four of the homes will be deed restricted to lower income families. The homes will be priced at approximately $350-400,000, about 45% of the median home price in Novato in 2006. The four other residences will be priced at $675-725,000, about 80% of the Novato median price for similar homes.
“We are extremely proud to provide the funding for this project,” said Mark Garwood, CEO and president of Tamalpais Bank. “It is widely acknowledged that a major problem in Marin County is the lack of affordable housing and we believe that this is an important step toward demonstrating that entry level ownership workforce housing can be financed and built without public funding.”
In addition to his role with the bank and its parent company, EPIC Bancorp, Garwood is the chairman of the Marin Workforce Housing Trust.
The developer, Rob Hart, a leader in green building, said that homes have been designed and engineered to meet green standards in the use of sustainable, energy efficient material. Hart, a fifth generation Marin resident, has been involved in real estate development since 1986.
“I want to provide affordable housing and residences that will support Marin County’s drive to build to exacting environmental and sustainability standards,” he said. “Virginia Grove demonstrates that green building and affordable housing is a viable business model.
“Virginia Grove is an environmentally sensitive development that addresses a major issue throughout California, affordable housing,” he said.
Hart said Virginia Grove will have two house plans:
- Plan A will consist of 1134-foot, three bedroom, two bath homes.
- Plan B will consist of 1360-foot, three bedroom, two and half bath homes.
Virginia Grove is located on a .65 acre parcel in central Novato in an established residential and mixed use neighborhood. The site will provide 16 on-site parking spaces, including eight, one-car garages and eight driveway parking spaces.
The project scored 99 points, according to Novato city building permit records, on a scale where 50 points reaches the Gold Standard. First developed in Alameda County, this measurement has been adopted statewide as an affirmation of green building. “We’re very proud to have achieved what we believe is the highest Gold Standard score ever recorded in the area,” Hart said.
HartMarin, based in Novato, CA, combines the knowledge of experienced real estate developers with the sensitivity of fifth generation conservationists to create a new paradigm of green building, affordable housing and attractive architecture. With 30 years of experience, HartMarin has developed a new model of responsible real estate development that brings communities together to support positive change. For information, contact Rob Hart.
About Tamalpais Bank
Tamalpais Bank’s (www.tambank.com ) seven full-service branches are located in Corte Madera, Greenbrae, Mill Valley, San Anselmo, San Rafael, Terra Linda, and Tiburon / Belvedere. Tamalpais also has two loan production offices located in Sacramento and in Santa Rosa. Tamalpais Bank is a subsidiary of Epic Bancorp (NASDAQ: EPIK). For information, contact Mark Garwood.
About Epic Bancorp
Epic Bancorp (www.epicbancorp.com) based in San Rafael, CA, is the holding company of Tamalpais Bank and Epic Wealth Management. The Company had $509 million in assets and $358 million in deposits as of September 30, 2006. Shares of the Company's common stock are traded on the NASDAQ Capital Market System under the symbol EPIK. For information, please contact Mark Garwood.
About Tamalpais Bank in the Community
From its inception in 1991, Tamalpais Bank has made its commitment to the Marin County community a priority, establishing and continuing to underwrite the annual Heart of Marin program, recognizing outstanding contributions to the Marin non-profit community through its Community Outreach Program. For information, contact Mark Garwood.