The SF Housing Action Coalition congratulates the John Stewart Company, BRIDGE Housing and Leddy Matyum Stacy Architects for winning the City’s Request for Proposals (RFP) to develop the two parking lots at 88 Broadway Street into 182 homes for low- and middle-income residents.
“JSCO and BRIDGE are very pleased to have been selected for this important project, which follows on our successful ‘North Beach Place’ mixed-income, mixed-use and intergenerational project on Bay Street” said John Stewart, founder and Chairman of the John Stewart Company.
To win the right to develop the property, the team put together a competitive proposal. One unique aspect of this project is the inclusion of moderate and middle-income housing. While most subsidized housing developments are affordable for people earning up to 60 percent of the area median income (AMI), the 88 Broadway plan includes a significant portion designed for those earning up to 120 percent AMI. This requires some creative financing, as low-income housing tax credits cannot be used for those units. Instead, all the units priced above 60 percent AMI, approximately 35, will be funded with private debt and general partner equity.
The project will consist of two separate buildings, broken up as following:
- 130 family units earning between 50 and 120 percent AMI;
- And 52 senior units for those earning between 40 and 70 percent AMI.
Twenty percent of the units from each building will be reserved for the formerly homeless.
A childcare facility and 7,000 square feet of commercial space targeted to neighborhood-serving dining and retail uses are included. The YMCA of San Francisco will operate the childcare center and Lutheran Social Services will provide the on-site social services.
Way to go team! We can’t wait for these homes to come to San Francisco!