This property is the first in Pasadena to be developed by BRIDGE Housing, a nationally recognized nonprofit developer, owner and manager of affordable housing.
Heritage Square Senior Apartments will bring 70 newly constructed apartments to Northwest Pasadena. When complete in spring 2016, the property will serve seniors age 55+ who can live independently and whose income is up to 30-50% of Area Median Income ($17,450-$29,050 for a one-person household). Monthly rents are expected to be approximately 30% of a household’s income.
The pedestrian-friendly development will offer landscaped spaces for casual and organized social gatherings, plus the potential future integration of residential and retail into one cohesive development.
Under a Local Benefits Plan, BRIDGE aims to hire 20% of the construction workforce from Pasadena, procure 20% of construction supplies from companies located in Pasadena, and award 20% of subcontracting opportunities to local companies.
“We are thrilled to be breaking ground in Pasadena,” said Cynthia A. Parker, President & CEO of BRIDGE Housing. “This is an exciting example of community development that will have a ripple effect far beyond the seniors who will live at Heritage Square.”
During Heritage Square construction, the Decker House, an existing historic building on the City-owned site, will be moved temporarily. The City’s plans call for the house to be restored and incorporated in some way into a future, second phase of development.
Financing for the $22.8 million Heritage Square is being 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 is the general contractor.
Among the speakers at the grand opening: Pasadena Mayor Bill Bogaard; John J. Kennedy, Pasadena City Councilmember, District 3; Bill Huang, Housing Director, City of Pasadena; Jeff Bennett, SVP, Wells Fargo Community Lending & Investment; Kimberly McKay and Anna Slaby, BRIDGE Housing Corporation.
Prospective resident, please contact 626.388.1505. For more information about BRIDGE, visit bridgehousing.com.
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Event photo album: http://on.fb.me/1xgSdlh