Historic Sequoia Hotel Reopens as Permanent Supportive Housing

This month, Century celebrated the grand opening of The Sequoia, a more than 100-year-old former residential hotel in downtown Sacramento that now provides permanent supportive housing for community members who have experienced homelessness. Today, The Sequoia offers 88 permanent supportive housing units with modernized building systems, improved resident spaces, and on-site supportive services.

The John Stewart Company led the redevelopment, undertaking extensive repairs and upgrades to preserve the historic property and secure its future as affordable housing. The California Department of Housing and Community Development supported the project through its Portfolio Reinvestment Program (PRP), which helps property owners and developers preserve aging affordable housing with expiring regulatory agreements.

Because PRP funds become available after developers complete rehabilitation work, developers need access to capital to finance construction upfront.

Century Housing Corporation provided that critical construction financing for The Sequoia, allowing work to move forward before the PRP funds became available. The Sequoia represents the state’s largest PRP development by financing amount.

Ally Vigil, Project Administrator with The John Stewart Company, shared, “Century’s construction financing was an important piece in making Sequoia’s transformation possible, providing the capital needed to move this historic rehabilitation into construction and completion.”

Watch this video about The Sequoia’s renovation.

The project demonstrates the important role preservation plays in addressing California’s housing crisis. By rehabilitating existing properties, developers can protect affordable homes that might otherwise become market-rate for decades to come.

Josh Hamilton, Senior Vice President of Lending with Century, said, “In our industry, we know that to deliver the affordable housing we need, preserving existing properties is just as important as developing new ones. Behind every home opening at The Sequoia is a story of a life transformed.”

The impact of preserving affordable housing extends beyond the residents.

“The project contributes to the continued reinvestment in the K Street corridor by restoring an important historic property and ensuring that it continues to serve the downtown Sacramento community for generations to come,” added Ally.

The Sequoia’s grand opening marks the culmination of a complex rehabilitation—and a new beginning for the people who will call it home and their neighbors.

Learn more about Century’s construction financing solutions.

Photos courtesy of The John Stewart Company.