Bridge Housing, John Stewart Co. Break Ground on San Francisco Affordable Housing
Through a public-private partnership, the companies began construction on two projects for low-income residents, which will be located on the sites of former parking lots.
Bridge Housing Corp., The John Stewart Co. and local authorities have begun work on two affordable housing projects near the Northeast waterfront of San Francisco. Local architecture firm Leddy Maytum Stacy and Cahill Contractors are slated to bring the two developments at 88 Broadway St. and 735 Davis St. to completion by 2021.
One of the structures will rise on a former surface parking lot owned by the Port of San Francisco near The Embarcadero, while the other project is set to be built on a San Francisco Public Works parking lot that was transferred to the Mayor’s Office of Housing and Community Development through an ordinance that allows the construction of affordable housing projects on public lands.
According to Yardi Matrix data, 88 Broadway is set to include studios and one- to three-bedroom units in a six-story structure. The second development, also a six-story building, is slated to encompass studios as well as one- and two-bedroom floorplans.
A public-private effort
The San Francisco Mayor’s Office of Housing and Community Development, Bank of America and the California Tax Credit Allocation Committee allocated funds for both projects. Furthermore, Barings Multifamily Capital contributed to 88 Broadway and the Federal Home Loan Bank of San Francisco contributed to 735 Davis.
Together, the buildings will provide permanently affordable homes for families, seniors and formerly homeless seniors, with incomes ranging between zero to 120 percent of the area’s median income. Last October, San Francisco Mayor London Breed pledged $1.5 million to make 88 Broadway and 735 Davis affordable to very low-income seniors. The funding allows cutting rents in half for 13 senior housing apartments, lowering the monthly rent for a one-bedroom apartment from $1,421 to $710. Plans also call for a childcare center operated by the YMCA, a restaurant and a public walkway connecting the two sites.
Nonprofit Bridge Housing is also developing an affordable housing project in San Mateo, Calif. Walker & Dunlop closed a $16 million Freddie Mac loan for the permanent financing of the 68-unit Bay Meadows Apartments.