The Valpico Glenbriar Apartments are expected to have 194 market-rate apartments and 70 affordable apartments by project completion. The finished product comes with what Russell Rodriguez of Guardian Capital said is the "heartbeat" of the project, a 5,000 square foot clubhouse with pool, spa, demonstration kitchen, fitness center and an outdoor amphitheater.
Katerra, the construction company originally contracted to the apartment project, announced on Sunday that they were filing for bankruptcy, citing financial woes from the effects of the COVID-19 pandemic on the construction industry.
As a result, the company is demobilizing many operations, which means they won't be working on the Valpico Glenbriar Apartments.
Despite the news, Rodriguez said the project is still on track and that Guardian Capital is taking over the construction.
“We’ll plan on bringing everything to the market in Tracy on time just as was originally approved by the municipality. We’re not going to be impacted at all by this," Rodriguez said. "They (Katerra) are unfortunately having some headwinds. They are our partners, but when this happened, we were in the position to completely take over the project.”
He said Guardian Capital is putting down concrete and getting ready to start their vertical work for the project. If all goes to plan, the first models will be open to the public in the spring of 2022 and move-ins can start in the same season.
"Our intention is for this not to take any longer to bring to the community as necessary. We plan to see this through promptly," Rodriguez said.