Centerville Plaza Breaks Ground: 290 Affordable Apartments Coming to Fremont

by Chris Renois

Construction has started on a long-vacant block in Fremont's Centerville district. City officials and the developer, USA Properties Fund, held a ceremonial groundbreaking on Wednesday, Nov. 4, for Centerville Plaza Apartments, according to the Tri-City Voice. The plan is a two-phase, fully affordable rental community with about 290 homes and ground-floor retail. Here's what we know, and what nearby homeowners, buyers and renters may want to watch.

Where it is

The project's address is 37358 Fremont Boulevard, at the corner of Peralta Boulevard. A City of Fremont announcement describes the site as the vacant land bounded by Fremont Boulevard, Peralta Boulevard, Parish Avenue and Jason Way. It's close to the Fremont-Centerville train station, which is served by Amtrak and ACE. The Tri-City Voice reports that Centerville's first fire station once stood here and was torn down in 2019. The Registry and The Real Deal report that the block sat unused after the collapse of SiliconSage Builders, an earlier developer tied to the site.

What's being built

An environmental filing the City of Fremont posted to the state's CEQAnet database in June 2025 describes three multi-story buildings. Together they hold 290 units, about 295,434 square feet of gross floor area and roughly 5,238 square feet of retail. The project will be built in two phases:

Phase 1: One five-story building with 140 apartments and about 1,600 square feet of commercial space, according to the city. A December 2025 staff report from the California Tax Credit Allocation Committee (CTCAC) lists 69 one-bedroom, 36 two-bedroom and 35 three-bedroom units. Of those, 139 are income-restricted and one is for an on-site manager. Rents are set for households earning 30% to 80% of area median income (AMI).
Phase 2: Two buildings with a combined 150 apartments, capped at 60% of AMI for both rent and income, REBusinessOnline reports. The city says this phase also includes about 3,500 square feet of commercial space.

The developer lists planned amenities that include a clubhouse with a kitchen, a fitness center, barbecue areas and a resident services room run by LifeSTEPS. REBusinessOnline reports 257 parking spaces, 27 of them with EV chargers.

The sources don't all give the same numbers. The City of Fremont's "Upcoming Affordable Units" page and one Registry article list 288 units, while the developer and most other coverage say 290. The CEQA filing lists 255 parking spaces. Site size also varies: about 4.5 acres in the city's description of the whole block, and 2.33 acres for the Phase 1 parcel in the CTCAC report. We'd expect the final numbers to be confirmed when leasing begins.

Timeline and approvals

June 5, 2025: The project received its land-use approvals, according to a City of Fremont staff report.
December 10, 2025: CTCAC staff recommended Phase 1 for about $3.34 million in annual federal tax credits and $21 million in tax-exempt bond allocation.
2026: The Real Deal, citing the Silicon Valley Business Journal and Alameda County Assessor records, reported that USA Properties Fund and Riverside Charitable Corporation bought nearly 3 acres for Phase 2 for $11.5 million.
November 4, 2026: Ceremonial groundbreaking.
Spring 2028: The developer expects the first apartments to be ready. That's later than the December 2027 completion date projected in the 2025 CTCAC report.

How it's financed

REBusinessOnline puts the total cost at about $174 million. The Registry reports that Phase 1 accounts for about $84 million of that.

Phase 1: A $12.8 million loan from the City of Fremont, with Bank of America as the tax-credit investor and Citi Community Capital as the permanent lender.
Phase 2: A $17.1 million loan from the Bay Area Housing Innovation Fund and a $10.3 million land acquisition loan from Housing Trust Silicon Valley, with participation from the Housing Accelerator Fund.

Part of a larger wave in Fremont

At the groundbreaking, Mayor Raj Salwan said Centerville Plaza is one of six affordable developments that started construction in Fremont this year, according to the Tri-City Voice. The city's list of upcoming units includes a second Centerville project nearby, the 115-unit Thornton & Post development at 37027 Post Street. It also lists 66 units at Arbor View and 230 units on Osgood Road, both near the planned Irvington BART station.

What this may mean for you

If you're looking for an affordable rental: Eligibility depends on household income and size. The City of Fremont runs an Affordable Housing Interest List (city.fremont.gov/affordablehousinginterest) and posts current income limits on its website. USA Properties Fund also has a pre-leasing interest list for this project.
If you live nearby: Expect construction activity around Fremont Boulevard, Peralta Boulevard, Parish Avenue and Jason Way for the next several years. Questions about traffic or work hours can go to the City of Fremont.
If you're buying or selling in Centerville: This is one of several large projects that will change the area around the train station. It's worth knowing about when you compare homes or talk about the neighborhood's future with buyers. We don't make predictions about property values.
If you're a small landlord: Hundreds of new income-restricted apartments are coming to Centerville and other parts of Fremont over the next few years. That's useful context when you plan rents and vacancy. A tax professional or lender can help with decisions tied to your own property.

Sources

Thinking about buying or selling in the Bay Area? Chris Renois can walk you through how these changes affect your home and your plans. Call or text (650) 512-9817, email chrisrenois@therealexperts.com, or get a free home value estimate.

This article is general information for Bay Area homeowners and buyers, not legal, tax or financial advice. Laws, rates and deadlines change; please confirm details with the original sources linked above or a qualified professional. Chris Renois, California DRE #02030130.