BRIDGE Breaks Ground on San Francisco Fully Affordable Project
The 137-unit community is one of the first major projects in the Excelsior District in nearly 25 years.
Image by Jiří Rotrekl via Pixabay.com
BRIDGE Housing Corp. has broken ground on a 137-unit, fully affordable development at 4840 Mission St. in San Francisco. Slated for an early 2023 completion, the $121 million project is one of the first affordable communities built in District 11 and one of the first Excelsior District’s major projects in nearly 25 years.
The Mission Street development will rise on the former location of the Valente Marini Perata & Co. Funeral Home in the Excelsior District. BRIDGE purchased the land at a below-market price in 2017.
Upon completion, the five-story building designed by Van Meter Williams Pollack will have one- to three-bedroom floorplans ranging from 620 to 1,100 square feet. All units will cater to residents earning at or below 30, 40, 50, 95 and 109 percent of the area’s median income. Of the total, 35 apartments will be set aside for existing HOPE SF residents voluntarily relocating from Potrero Terrace and Potrero Annex.
Communal amenities will include an inner courtyard, lounge, computer room, bicycle parking and public art, as well as a 10,000-square-foot space for the Mission Neighborhood Health Center. The nonprofit clinic will provide on-site affordable medical, behavioral health and dental services.
The 1.5-acre property is some 6 miles southwest of downtown San Francisco and 7 miles from 500 Folsom, the 42-story, partially affordable development set to deliver by the end of the year. Ram Stadium and the southern end of McLaren Park are both within a 1-mile radius.
Financing sources
The project received funds from the voter-approved 2015 Affordable Housing General Obligation Bond, spent on predevelopment, and the 2019 Affordable Housing General Obligation Bond, which will be used for construction and permanent funding.
The Mayor’s Office of Housing and Community Development invested $51.6 million, while The San Francisco Housing Accelerator Fund provided a $9 million acquisition loan with additional financing support from tax credit equity investors and commercial construction and permanent lenders. The U.S. Department of Housing and Urban Development’s Project-Based Voucher program, administered by the San Francisco Housing Authority, will deliver operating subsidies.
