First Residential Building Breaks Ground in West Sacramento's Bridge District
WEST SACRAMENTO, CA, April 5, 2013—BRIDGE Housing will celebrate the construction start of The Rivermark at a groundbreaking ceremony today at 11 am. The event takes place at 959 Bridge Street.
Situated in the 188-acre Bridge District smart growth area along the Sacramento River, this new property will offer 70 units of affordable housing for families when it opens in the fall of 2014. The apartments will be affordable to residents with annual incomes ranging from approximately $24,000 to $34,600 for a four-person household (30-50% of Area Median Income). Monthly rents will range from approximately $370 to $925 depending on factors such as income, household and apartment size.
“The City welcomes the start of construction of the first new housing development in the Bridge District,” said Mayor Christopher L. Cabaldon. “When completed, it will become a most desirable address. Think of its proximity to the riverfront, Raley Field and downtown. The City expects more exciting new projects to follow in the Bridge District.”
“JPMorgan Chase is pleased that our $30 million investment in the Bridge District through a construction loan and equity investment will give West Sacramento families greater access to affordable housing," said Andy Madeira, Vice President, JPMorgan Chase Community Development Banking. "We're excited about this opportunity to partner with the City of West Sacramento and BRIDGE Housing to help realize their vision of a new, vibrant community."
“The City’s vision for this new district has all of the right ingredients,” said BRIDGE Housing President and CEO Cynthia A. Parker, “including the ball park, transit connections and easy access to the urban core and the river. We are proud to bring affordable homes for working families into the mix.”
The Rivermark’s design aesthetic is modern, with an array of quasi-industrial finishes from board-formed concrete to a number of large-scale Cortens panels. The four- and five-story building also has an urban residential edge along Bridge Street, with apartments fronting onto the street at grade level with stoops and landscaping to frame the entries. A publicly accessible courtyard at the corner of Bridge and 5th Streets will be programmed with seating and shade trees for residents and neighbors alike.
Residents will have access to a community room, indoor recreation space and common outdoor space. The project, which will be GreenPoint rated, includes a number of green building systems and components such as a cool roof and a solar hot water array. The property is located three blocks from Raley Field (home to the Sacramento River Cats baseball team) and a block from the River Walk Trail; it is also within walking distance of the Yolobus stop, which provides a local loop across the river and around downtown Sacramento.
The Rivermark is part of a $150 million commitment to residential development in the Bridge District by the City of West Sacramento and project partners. New roads, ramp improvements, sewer, water, and riverfront park amenities, totaling $50 million, have already been completed. Funding support for the infrastructure and parks was initiated by $23.1 million of voter approved Proposition 1C bond funds, allocated by the state’s Department of Housing and Community Development. The District will eventually feature five to seven million square feet of commercial office, hotel, retail and 4,500 residences.
Financing for The Rivermark is being provided by the City of West Sacramento, Chase, Raymond James, California Department of Housing and Community Development, and the California Community Reinvestment Corporation. David Baker + Partners Architects is the architect, and the general contractor is Sunseri Associates, Inc.
Expected speakers for the groundbreaking include Christopher L. Cabaldon, Mayor of West Sacramento; Eugene Lee, California Department of Housing and Community Development; Andy Madeira, Chase; Kevin Kilbane, Raymond James; and Cynthia Parker, BRIDGE Housing President and CEO.
Prospective residents may call 916.484.3755 or visit www.bridgehousing.com for more information.
Editors: A rendering is available; please contact Lyn Hikida to request.