Ribbon-Cutting at Terraza Palmera at St. Joseph's
OAKLAND, CA, June 18, 2014—BRIDGE Housing today will celebrate the grand opening of Terraza Palmera at St. Joseph’s at 1272 26th Avenue, Oakland.
The event begins at 3 pm with a speaking program followed by a ribbon-cutting ceremony and refreshments. BRIDGE is an award-winning nonprofit developer, owner and manager of affordable homes.
Terraza Palmera at St. Joseph’s provides 62 rental apartments affordable to families with annual incomes ranging from $27,600 to $55,200 for a four-person household (30 to 60% of Area Median Income). Monthly gross rents range from $486 to $1,291, depending on income and apartment size.
Fifty-eight apartments were created in a newly constructed building, while four are located in rehabilitated historic structures, the Laundry Building and the Smokehouse, which were part of the 1912 landmark St. Joseph’s Home for the Aged. Adjacent to Terraza Palmera, BRIDGE developed St. Joseph’s Senior Apartments, which offers 84 apartments for seniors with low incomes, along with 3,200 square feet of commercial space. Together, the properties form a unique multigenerational, mixed-use campus in the heart of the Fruitvale neighborhood.
“The campus is a unique example of how adaptive re‐use, historic renovation and new construction came together to create affordable urban infill apartments, all while preventing the loss of a significant historic landmark,” said Cynthia A. Parker, President & CEO of BRIDGE Housing.
Financing for the $31.3-million Terraza Palmera was provided by the City of Oakland, City of Oakland Office of Neighborhood Investment, U.S. Bank, Union Bank, Northern California Community Loan Fund/Lower San Antonio Community Development Fund, Evelyn and Walter Haas, Jr. Fund, California Department of Housing & Community Development (Prop 1C Infill), Oakland Housing Authority and the Federal Home Loan Bank of San Francisco. The architect is Van Meter Williams Pollack, and the general contractor was James E. Roberts-Obayashi Corporation.
Expected speakers for the grand opening include Noel Gallo, Oakland City Councilmember, District 5; Katherine Kwong, Office of Congresswoman Barbara Lee; Jonathan Klein, Union Bank; John Chan, U.S. Bank; and Cynthia A. Parker, BRIDGE Housing President & CEO.
NOTE TO EDITORS: Images of Terraza Palmera are available; please contact Lyn Hikida at 415.321.3552 or email@example.com to request.