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Successfully Financing Mixed Use Development and Place Making Infrastructure<br />September 26, 2011<br />NHC<br />Kimberl...
Overview: Affordable Housing<br />Challenges<br />Market Has No Incentive to Create<br />High Construction Costs<br />Land...
One Church Street<br />
One Church Street<br />Transit-Oriented Development<br />First Residential Development on BART Property <br />
One Church Street<br />One Church Street<br />93-Units of Multifamily Affordable Apartments: One-Bedroom: 30, Two-Bedroom:...
One Church Street<br />
One Church Street<br />
Irvington Village<br />
Irvington Village<br />Pension Fund Investment<br />Rezone Due to State Fair Share Requirements<br />Inclusionary Zoning<b...
Irvington Village<br />
Irvington Village<br />
Mission Walk<br />
Mission Walk<br />330 & 335  Berry Street<br />CALTRAIN<br />
Mission Walk<br /><ul><li>131 below market rate condominiums (includes 14 townhomes) on two sites (1.32 acres combined)
Part of 2,900 units (655 affordable) to be developed in Mission Bay Redevelopment Area
1 – 3 Bedrooms;  606 – 1300 SF. Average Price of $235,906
114 parking spaces (incl.  one car share space)
SFRA contributed land and $35 million in construction financing that will convert to homeowner loans
LEED certified
Approximately $63 million total development costs</li></li></ul><li>Mission Walk<br />Large Scale Redevelopment – Intense ...
Mission Walk: Sources and Uses of Funds<br />*Construction cost savings of $2MM or more will be returned to the SFRA at th...
Mission Walk<br />
North Beach Place<br />
North Beach Place<br />Underutilized Housing Authority Land<br />Local Monies<br />Partnership<br />For-Profits<br />Non-P...
North Beach Place<br />
North Beach Place<br />
North Beach: Sources and Uses<br />
North Beach: Sources and Uses<br />
MacArthur Transit Village<br />Project Summary:<br /><ul><li>7.76 acres
 516 Market Rate Homes
 108 Affordable Homes
 42,500 sf Commercial/ Retail
 5,000 sf Child Care Facility
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SSC2011_Kimberly McKay PPT

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Transcript of "SSC2011_Kimberly McKay PPT"

  1. 1. Successfully Financing Mixed Use Development and Place Making Infrastructure<br />September 26, 2011<br />NHC<br />Kimberly McKay, Executive Vice President<br />BRIDGE Housing Corporation<br />
  2. 2. Overview: Affordable Housing<br />Challenges<br />Market Has No Incentive to Create<br />High Construction Costs<br />Land Cost/Availability<br />Community Opposition<br />Public Benefit Add-Ons<br />Complicated Financing Structures<br />Need for Gap Financing<br />
  3. 3. One Church Street<br />
  4. 4. One Church Street<br />Transit-Oriented Development<br />First Residential Development on BART Property <br />
  5. 5. One Church Street<br />One Church Street<br />93-Units of Multifamily Affordable Apartments: One-Bedroom: 30, Two-Bedroom: 35, Three-Bedroom: 28<br />Directly Adjacent to Public Transportation<br />On-site Child Care<br />Community Room<br />Computer Learning Center<br />Ground-Level Retail Shop <br />Significant Community Involvementthroughout the Development Process<br />
  6. 6. One Church Street<br />
  7. 7. One Church Street<br />
  8. 8. Irvington Village<br />
  9. 9. Irvington Village<br />Pension Fund Investment<br />Rezone Due to State Fair Share Requirements<br />Inclusionary Zoning<br />City Funded<br />NIMBY Issues<br />State GO Bond Funding<br />Mixed Income Master Plan/Joint Planning Effort<br />
  10. 10. Irvington Village<br />
  11. 11. Irvington Village<br />
  12. 12. Mission Walk<br />
  13. 13. Mission Walk<br />330 & 335 Berry Street<br />CALTRAIN<br />
  14. 14. Mission Walk<br /><ul><li>131 below market rate condominiums (includes 14 townhomes) on two sites (1.32 acres combined)
  15. 15. Part of 2,900 units (655 affordable) to be developed in Mission Bay Redevelopment Area
  16. 16. 1 – 3 Bedrooms; 606 – 1300 SF. Average Price of $235,906
  17. 17. 114 parking spaces (incl. one car share space)
  18. 18. SFRA contributed land and $35 million in construction financing that will convert to homeowner loans
  19. 19. LEED certified
  20. 20. Approximately $63 million total development costs</li></li></ul><li>Mission Walk<br />Large Scale Redevelopment – Intense Planning Process/Negotiation with Land Owner<br />Predesignation of land uses<br />Local Agency Selection of Developer<br />Local Agency Financial Participation<br />State Financial Participation<br />Foundation Participation – Second mortgage program<br />
  21. 21. Mission Walk: Sources and Uses of Funds<br />*Construction cost savings of $2MM or more will be returned to the SFRA at the end of the project.<br />
  22. 22. Mission Walk<br />
  23. 23. North Beach Place<br />
  24. 24. North Beach Place<br />Underutilized Housing Authority Land<br />Local Monies<br />Partnership<br />For-Profits<br />Non-Profits<br />Housing Authority<br />Redevelopment Agency<br />Mayor’s Office of Housing<br />
  25. 25. North Beach Place<br />
  26. 26. North Beach Place<br />
  27. 27. North Beach: Sources and Uses<br />
  28. 28. North Beach: Sources and Uses<br />
  29. 29. MacArthur Transit Village<br />Project Summary:<br /><ul><li>7.76 acres
  30. 30. 516 Market Rate Homes
  31. 31. 108 Affordable Homes
  32. 32. 42,500 sf Commercial/ Retail
  33. 33. 5,000 sf Child Care Facility
  34. 34. 400+ stall parking garage</li></li></ul><li>MacArthur BART Transit Village<br />
  35. 35. MacArthur BART Transit Village<br />
  36. 36. MacArthur BART Transit Village<br />
  37. 37. MacArthur BART Transit Village<br />
  38. 38. COMM 22<br />
  39. 39. COMM 22<br />Partnering with two local nonprofits<br />First large-scale, mixed-use, transit-oriented development for BRIDGE in So Cal <br />Redevelopment of school district maintenance facility; vacant for 20 years<br />Multiphasedproject:<br />Family Rental - 130 units + retail<br />Senior Rental- 70 units + daycare<br />Live/work lofts + retail - 38 units + retail<br />For-sale rowhomes - 17 units<br />
  40. 40. COMM 22<br />
  41. 41. COMM 22: Sources and Uses<br />
  42. 42. COMM 22<br />
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