Central at Wake Robin, the proposed 168-unit affordable housing development in South Corvallis, is seeking a $500,000 public loan after its original projected development costs recently increased by $7.5 million. This was according to a recent City staff report prepared for the September 22 meeting.
Some background… Central at Wake Robin is a “planned development” of five three-story buildings at 410–450 SW Wake Robin Avenue, it’ll sit just west of the completed 174-unit Union at Pacific Highway development. This project was completed by The Annex Group, the same group planning Central at Wake Robin.
(Photo: Union at Pacific Highway)
The new apartments are intended to serve households earning 50%, 60%, and 70% of the median income, accommodating around 450 to 500 residents.
There is no sense in posting the area median income and what the exact 50%, 60%, and 70% income requirements will be. Just like the cost of the project, that data will change by the time it is completed.
The project secured City Council support for a 15-year property-tax exemption through the Linn-Benton Housing Authority on February 17, 2026. At the time, the developer did not anticipate needing additional City or Urban Renewal Agency funding, the report says.
The financing picture has now changed to a degree. ECONorthwest, the City’s independent financial consultant, compared the developer’s October 2025 and May 2026 budgets and found total development costs increased by roughly $7.5 million.
Most of the increase came from financing and other expenses beyond construction, particularly bond and loan fees that had not been included in the original budget. Oops.
Construction costs only increased $505,000, according to the consultant’s September 14 analysis.
The project also faced falling prices for the federal low-income housing tax credits used to attract investor financing. “This has resulted in an almost $2m swing in funding,” David Wesner, Annex’s senior vice president of development, wrote in a July 10th letter that was included in the current packet.
Wesner said the company had exhausted cost-saving options, sought state assistance, and committed additional developer resources.
“The $500k in additional funds will provide a huge amount of assistance in getting this project across the finish line and providing 168 units of affordable housing to the community,” he wrote.
The requested loan addresses the remaining financing gap, rather than the entire cost increase. Staff says the Urban Renewal Agency has sufficient budgeted funds to loan the needed amount.
The Corvallis Urban Renewal Agency will consider the loan request at 5:15 p.m. Tuesday, September 22, at the Downtown Fire Station, 400 NW Harrison Boulevard.
This article was written by Jesse Grant, a contributor to The Corvallis Inquirer. Feel free to send us your stories or articles to publish at: editor@corvallisnow.com
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