OAKLAND, CA, February 21, 2014—At 11am today, BRIDGE Housing and the Oakland Housing Authority will celebrate the construction start of AvéVista Apartments, which will bring 68 affordable rental apartments to 460 Grand Avenue on the shores of Oakland’s Lake Merritt.
The event begins at 11 am with a speaking program followed by a groundbreaking ceremony and refreshments. BRIDGE is an award-winning nonprofit developer, owner and manager of affordable homes.
When complete in summer 2015, AvéVista will offer apartments that are affordable to residents with incomes ranging from approximately $27,600 to $55,200 for a family of four (30% to 60% of Area Median Income). Monthly rents for the studio, one-, two- and three-bedroom apartments will range from $696 to $1,392, depending on factors such as income, household and apartment size.
The Mediterranean-style building will feature four levels of residential apartments plus a landscaped courtyard, a community room and on-site laundry. The ground floor includes 3,000 square feet of neighborhood-serving commercial-retail space and resident parking, with an additional floor of parking below grade.
AvéVista is situated in a bike- and pedestrian-friendly neighborhood near major transportation corridors, allowing access to jobs, retail and services. “This is a great example of smart infill development on the site of a former surface parking lot,” said Cynthia A. Parker, President & CEO of BRIDGE Housing. “AvéVista will bring much-needed affordable residences to a location just a mile away from BART, downtown Oakland’s commercial district and major regional employers.”
“With the increasing housing costs impacting so many working families, the Oakland Housing Authority is proud to be part of the partnership with BRIDGE to bring much needed workforce housing to this wonderful neighborhood,” said Eric Johnson, Oakland Housing Authority Executive Director.
Financing for the $32-million property is being provided by the Oakland Housing Authority—the land owner and public partner—Chase, Wells Fargo and the Federal Home Loan Bank of San Francisco. The architect is TWM Architects + Planners, and the general contractor is J.H. Fitzmaurice, Inc.
Expected speakers for the groundbreaking include Eric Johnson, Executive Director, Oakland Housing Authority; Alice Carr, Western Regional Manager, Community Development Banking, Chase; Jeff Bennett, Senior Vice President, Wells Fargo; Kevin Blackburn, AVP Legislative & Regulatory Affairs, Federal Home Loan Bank of San Francisco; and Cynthia A. Parker, BRIDGE Housing President & CEO.
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NOTE TO EDITORS: A rendering of AvéVista is available; please contact Lyn Hikida at 415.321.3552 or lhikida@bridgehousing.com to request.
ABOUT BRIDGE HOUSING
BRIDGE Housing Corporation, a leading nonprofit developer of affordable housing, creates and manages a range of high-quality, affordable homes for working families and seniors. Since it was founded in 1983, BRIDGE has participated in the development of over 14,000 homes serving more than 37,000 people. For more information, visit bridgehousing.com.
ABOUT OAKLAND HOUSING AUTHORITY
Oakland Housing Authority is the largest provider of affordable housing in the City of Oakland and proudly delivers diverse housing choices to over 15,000 households in a service-oriented environment, while improving and expanding the housing options for future generations. For more information about the Oakland Housing Authority, please contact us at info@oakha.org, visit our website at www.oakha.org, or call 510-874-1653.