Dublin is moving forward with nonprofit developer Corona-Ely Ranch to develop a downtown housing project for low-income seniors and special needs residents.

The City Council unanimously approved entering the agreement Tuesday and directed $5.01 million from its affordable housing fund for the project, to be built on 1.3 acres at 6541-6543 Regional St.

The development would feature 70 to 144 affordable units and fall within the city’s Transit Oriented District of the Downtown Dublin Specific Plan. It is a property the city has been trying to use for housing since 2018.

“I’m actually excited to see this finally move forward,” said Mayor Melissa Hernandez. “Projects do take a long time — they don’t happen overnight.”

The city’s investment will be used as a deposit to secure the site, while Corona-Ely Ranch goes through the permitting process and secures funding for the project from the state and other sources. If everything goes smoothly, the money will go back into the city’s affordable housing fund.

If there is a problem, the agreement struck Tuesday allows the city an option to use the $5.01 million to purchase the property, which is near the West Dublin/Pleasanton BART station.

Other project details like parking and building heights haven’t been finalized. Once Corona-Ely Ranch gets the necessary permits, it would come back to the city for final approval.