Mixed-Income Community Opens in San Francisco
- Feb 03, 2020
The Avery, a 548-unit community in San Francisco’s Transbay neighborhood, has opened its doors. The mixed-income property consists of three buildings and includes 149 affordable apartments, 280 market-rate units and 118 for-sale luxury condos. Related California, Tenderloin Neighborhood Development Corp., the City of San Francisco’s Office of Community Investment and Infrastructure, OMA, Fougeron Architecture and HKS all partnered on the project.
Located at 488 Folsom St. on a 1-acre city block, the development includes a 618-foot-tall glass tower, a 65-foot-tall mid-rise and an 85-foot-tall mid-rise. All affordable apartments are set aside for those earning up to 50 percent of the area’s median income. The Avery is the fourth housing project in the Transbay Redevelopment Project Area, established in 2005. The redevelopment plan allows the sale of vacant land parcels owned by the State of California for housing projects. When fully completed, the Transbay Redevelopment Project Area is set to include 3,206 new units, of which 1,381 will be permanently affordable.
The City of San Francisco’s Office of Community Investment and Infrastructure, Wells Fargo Bank, Bank of China, Goldman Sachs, Citigroup, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee are among the financial partners for The Avery. With a very limited housing supply, the metro has been struggling with affordability and homelessness throughout the current cycle. According to the latest Yardi Matrix report, the median home price in San Francisco was $948,919 in 2018.