[IMGCAP(1)]
SAN FRANCISCO-Agoura Hills, CA-based AMCAL Multi-Housing is partnering with Lennar Urban to build 60 affordable family apartments at Hunters Point Shipyard in southeast San Francisco. AMCAL's development on Block 49 is the first affordable housing in Lennar Urban's initial phase of development at Hunters Point Shipyard-Candlestick Point, which is said to be the largest public-private redevelopment effort in San Francisco history.
The master plan for the overall development includes a green tech hub, office, retail space and entertainment venues to provide both local job opportunities for residents and nearby entertainment. Plans are in place to create 326 acres of parks and open space. Block 49 is also located near the Third Street light-rail line, Muni bus line and has quick access to the India Avenue bicycle route. The community will have quick access to local schools, several parks, and the Southeast Health Center.
"We think it is important to deliver the first affordable homes at the same time that we are building market-rate homes,” says Kofi Bonner, president of Lennar Urban, San Francisco. “In this difficult funding environment, we are very pleased to have worked out a solution with AMCAL to convert a market-rate block into an affordable housing development. AMCAL's 35 years of development, finance and construction management expertise will allow us to deliver quality affordable homes a few years earlier than expected."
Block 49 is a five-level podium apartment community designed by David Baker Architects and Interstice Architects. A number of architectural tools such as massing, textures, courtyards, gardens and signature elements are all used to enhance the value of both the affordable housing and the surrounding community. Block 49 amenities include a ground-level garage with 45 car spaces, 50 bicycle parking spaces and quick access to the Innes Avenue bicycle route, a community room with kitchen and computer lab, centralized laundry room, barbecue areas, children's playground and communal decks with views of the San Francisco Bay.
Block 49 will be affordable to households earning no more than 50% of the San Francisco median income. Block 49 of Hunters Point is scheduled to be completed in 2015.
Sources involved in the deal tell GlobeSt.com that they cannot disclose construction cost at this time.
See project site location graph below for more detail.
[IMGCAP(2)]
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
