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City Ventures Announces Below Market Rate Homes at Cherry Blossom Row in Richmond

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City Ventures Announces Below Market Rate Homes at Cherry Blossom Row in Richmond
News

News

City Ventures Announces Below Market Rate Homes at Cherry Blossom Row in Richmond

2025-08-13 05:31 Last Updated At:05:51

RICHMOND, Calif.--(BUSINESS WIRE)--Aug 12, 2025--

City Ventures, California’s leading builder of solar-powered, ecologically responsible homes, has partnered with the City of Richmond to designate five residences within Cherry Blossom Row ––an all-electric, solar-powered townhome community in Richmond––as Below Market Rate (BMR) homes.

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The spa-inspired primary suites offer abundant storage and dual walk-in closets, while secondary bedrooms include en-suite baths.

The spa-inspired primary suites offer abundant storage and dual walk-in closets, while secondary bedrooms include en-suite baths.

The homes offer approximately 1,318 square feet of thoughtfully and efficiently planned living space; well-equipped gourmet kitchens include energy-efficient appliances, soft-close drawers and cabinets, and much more.

The homes offer approximately 1,318 square feet of thoughtfully and efficiently planned living space; well-equipped gourmet kitchens include energy-efficient appliances, soft-close drawers and cabinets, and much more.

City Ventures, in collaboration with the City of Richmond, extends housing opportunities for qualified, first-time buyers with Below Market Rate homes at Cherry Blossom Row.

City Ventures, in collaboration with the City of Richmond, extends housing opportunities for qualified, first-time buyers with Below Market Rate homes at Cherry Blossom Row.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250812341978/en/

“Cherry Blossom Row is one of our most exciting new developments to date––its prime location makes it a top choice for many buyers looking to set roots in the East Bay area,” said Natasha Zabaneh, President of City Ventures. “We’re especially thrilled to offer this unique Below Market Rate opportunity for qualified first-time buyers.”

The new neighborhood’s coveted East Bay setting offers easy access to the Bay Area's most beautiful destinations, including Marin, Napa, and Sonoma counties, as well as the urban hubs of Oakland and San Francisco via convenient bridges, ferries, and freeways. For those who love the outdoors, the region offers abundant trails and parks for hiking or picnicking.

Cherry Blossom Row’s Below Market Rate homes are priced at $555,150 with a monthly HOA fee of $254. They offer approximately 1,318 square feet of thoughtfully and efficiently planned living space, including three bedrooms, three baths, and two-car garages. Well-equipped gourmet kitchens are made for entertaining and cooking in style, featuring energy-efficient, stainless-steel appliances, and spacious islands. Spacious outdoor decks off the great room are ideal for hosting guests or just relaxing. Expansive, spa-inspired primary suites offer abundant storage with dual walk-in closets, while secondary bedrooms include en-suite baths. No matter the plan, buyers can look forward to City Ventures’ signature features built into every home, including all-electric construction, owned solar panels, smart thermostats, Ring doorbells, keyless entry, energy-efficient appliances, soft-close drawers and cabinets, and much more. On-site amenities include outdoor dining areas, lounge areas, a play structure, and a community garden.

Richmond’s housing market remains in high demand, with recent Redfin data showing a median sales price of $700,000 for existing homes, and just over three months of available inventory for potential home buyers. In addition, over 55% of listings sold over list price with a median time on market of 26 days.

These available BMR plans provide an opportunity for eligible households with incomes not exceeding 120% of the Area Median Income to become owners of newly built homes in the “City of Pride and Purpose.”

“In today’s competitive housing market, we’re pleased to expand access to high-quality, energy-efficient residences for individuals and families pursuing homeownership in the East Bay area,” said Zabaneh. “We encourage buyers to act quickly before this neighborhood officially sells out.”

Interested buyers are strongly encouraged to act quickly on this unique opportunity. To begin the application process, send an email to CherryBlossomRow@CityVentures.com. Income limits and other restrictions apply. Cherry Blossom Row is located at 5321 Dalai Lama Avenue in Richmond. Additional information, including the floor plan and community details, are available online at www.CityVentures.com/Cherry-Blossom-Row-BMR.

AboutCity Ventures

City Ventures, California’s leading homebuilder, focuses on “Building It Forward” by repositioning underutilized real estate into residential housing in supply-constrained coastal urban infill areas and high-demand suburban locations. To date, the builder has constructed 5,000 townhomes, condominiums, lofts, mixed-use, live-work, and single-family detached homes throughout Southern and Northern California. City Ventures was named 2023 Builder of the Year by national magazine Builder & Developer and celebrated 15 years of homebuilding in 2024. Based in San Francisco and Irvine, City Ventures currently owns and controls over 8,000 lots in California. For more information, please visit www.cityventures.com/. You can also follow City Ventures on social media on Facebook ( @cityventures ), Instagram ( @city_ventures ) and YouTube ( @cityventures ).

The spa-inspired primary suites offer abundant storage and dual walk-in closets, while secondary bedrooms include en-suite baths.

The spa-inspired primary suites offer abundant storage and dual walk-in closets, while secondary bedrooms include en-suite baths.

The homes offer approximately 1,318 square feet of thoughtfully and efficiently planned living space; well-equipped gourmet kitchens include energy-efficient appliances, soft-close drawers and cabinets, and much more.

The homes offer approximately 1,318 square feet of thoughtfully and efficiently planned living space; well-equipped gourmet kitchens include energy-efficient appliances, soft-close drawers and cabinets, and much more.

City Ventures, in collaboration with the City of Richmond, extends housing opportunities for qualified, first-time buyers with Below Market Rate homes at Cherry Blossom Row.

City Ventures, in collaboration with the City of Richmond, extends housing opportunities for qualified, first-time buyers with Below Market Rate homes at Cherry Blossom Row.

OpenAI says it will soon start showing advertisements to ChatGPT users who aren't paying for a premium version of the chatbot.

The artificial intelligence company said Friday it hasn't yet rolled out ads but will start testing them in the coming weeks.

It's the latest effort by the San Francisco-based company to make money from ChatGPT's more than 800 million users, most of whom get it for free.

Though valued at $500 billion, the startup loses more money than it makes and has been looking for ways to turn a profit.

“Most importantly: ads will not influence the answers ChatGPT gives you,” said Fidji Simo, the company’s CEO of applications, in a social media post Friday.

OpenAI said the digital ads will appear at the bottom of ChatGPT's answers “when there’s a relevant sponsored product or service based on your current conversation.”

The ads “will be clearly labeled and separated from the organic answer,” the company said.

Two of OpenAI’s rivals, Google and Meta, have dominated digital advertising for years and already incorporate ads into some of their AI features.

Originally founded as a nonprofit with a mission to safely build better-than-human AI, OpenAI last year reorganized its ownership structure and converted its business into a public benefit corporation. It said Friday that its pursuit of advertising will be “always in support” of its original mission to ensure its AI technology benefits humanity.

But introducing personalized ads starts OpenAI “down a risky path” previously taken by social media companies, said Miranda Bogen of the Center for Democracy and Technology.

“People are using chatbots for all sorts of reasons, including as companions and advisors," said Bogen, director of CDT’s AI Governance Lab. “There’s a lot at stake when that tool tries to exploit users’ trust to hawk advertisers’ goods.”

OpenAI makes some money from paid subscriptions but needs more revenue to pay for its more than $1 trillion in financial obligations for the computer chips and data centers that power its AI services. The risk that OpenAI won’t make enough money to fulfill the expectations of backers like Oracle and Nvidia has amplified investor concerns about an AI bubble.

“It is clear to us that a lot of people want to use a lot of AI and don’t want to pay, so we are hopeful a business model like this can work,” said OpenAI CEO Sam Altman in a post Friday on social platform X. He added that he likes the ads on Meta's Instagram because they show him things he wouldn't have found otherwise.

OpenAI claims it won't use a user's personal information or prompts to collect data for ads, but the question is “for how long,” said Paddy Harrington, an analyst at research group Forrester.

“Free services are never actually free and these public AI platforms need to generate revenue,” Harrington said. “Which leads to the adage: If the service is free, you’re the product.”

FILE - The OpenAI logo is displayed on a mobile phone in front of a computer screen with output from ChatGPT, March 21, 2023, in Boston. (AP Photo/Michael Dwyer, File)

FILE - The OpenAI logo is displayed on a mobile phone in front of a computer screen with output from ChatGPT, March 21, 2023, in Boston. (AP Photo/Michael Dwyer, File)

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