Bridge Housing kicks off Oakland project near Lake Merritt

Affordable-housing developer Bridge Housing started construction on AvéVista, a 68-unit apartment building at 460 Grand Ave. in Oakland — one of several projects the developer expects to break ground on this year.

AvéVista, a partnership with the Oakland Housing Authority, will replace a surface parking lot and target families earning Reuben Foster Authentic Jersey between 30 and 60 percent of the Reuben Foster Womens Jersey area median income.

 

“It’s going to be a super location, nice design and compatible with the neighborhood,” said Cynthia Parker, executive director of Bridge Housing.
AvéVista was designed by TWM Architects + Planners and is being built by J.H. Fitzmaurice Inc.
Parker said the development, several years in the making, comes at time when housing costs have been rising in Oakland.

Even though the Bay Area housing market has improved substantially since the recession, Bridge and other nonprofit developers see huge demand for affordable housing.
“We’ve been incredibly busy,” Parker said. “We have 1,800 units under construction or starting this year. We’ve got quite a big pipeline and we’re pushing that through.”
In Oakland, Bridge started construction on Terraza Palmera, a 62-unit project, and Mural, a 90-unit project that is the first residential component of the MacArthur BART transit village. Bridge is the master developer of the transit village and is also overseeing construction of a parking garage to replace surface parking, infrastructure and finding developers for future market-rate components.

The firm recently completed the 120-unit Rene Cazenave Apartments and 60-unit Reuben Foster Youth Jersey 474 Natoma, both in San Francisco, and plans to start a 115-unit project in San Leandro, a 113-unit project in the Transbay redevelopment in San Francisco and a 57-unit project in Napa. The firm has hundreds more units in development outside the Bay Area.
“Affordable development is more challenging without redevelopment,” Parker said referring to a former funding mechanism that allowed cities to keep tax increments and borrow against blighted properties that were redeveloped. “ “Most of the localities have small amounts of funding. That’s going to be more and more challenging as time goes on.”

Article Source:
http://www.bizjournals.com/sanfrancisco/blog/real-estate/2014/02/bridge-housing-oakland-lake-merritt.html

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