Heritage Square Senior Apartments in Pasadena Heralds Grand Opening
PASADENA, CA, March 16, 2017—The City of Pasadena today will celebrate the grand opening of Heritage Square Senior Apartments at 11am at 762 N. Fair Oaks Boulevard. This property is the first in Pasadena to be developed by BRIDGE Housing, an award-winning nonprofit developer, owner and manager of affordable housing.
Heritage Square Senior Apartments brings 70 newly constructed apartments to Northwest Pasadena. The property serves seniors age 55+ who can live independently and whose income is up to 30-50% of Area Median Income ($18,240-$30,400) for a one-person household). Monthly rents are approximately 30% of a resident’s income.
The pedestrian-friendly development offers two community rooms, a library and two landscaped courtyards for casual and organized social gatherings. Under its Local Benefits Plan, developer BRIDGE Housing hired 20% of the construction workforce from Pasadena, procured 81% of construction supplies from companies located in Pasadena, and awarded 39% of subcontracting opportunities to local companies.
“We are honored to bring affordable, high quality apartments to Pasadena,” said Cynthia A. Parker, President & CEO of BRIDGE Housing. “This is an exciting example of community development that we hope will not only benefit the seniors who live at Heritage Square, but the surrounding neighborhood as well.”
Financing for the $23.7 million Heritage Square was provided by Wells Fargo, N.A.; the City of Pasadena; California Community Reinvestment Corporation; and the California Tax Credit Allocation Committee. KTGY Group is the architect of record, Steinberg Architects is the design architect and Dreyfuss Construction was the general contractor. The property is managed by The John Stewart Company.
Among the expected speakers at the grand opening: Pasadena Mayor Terry Tornek; John J. Kennedy, Pasadena City Councilmember, District 3; Chris Holden, California Assemblymember, 41st District; Bill Huang, Housing Director, City of Pasadena; Jeff Bennett, Wells Fargo Community Lending & Investment; Emma Chavez, California Community Reinvestment Corporation; Heritage Square residents Mildred Hawkins and Michael Williams; and Cynthia Parker, BRIDGE Housing Corporation. BRIDGE is grateful to Wells Fargo for sponsoring the grand opening event.