City officials on Thursday celebrated the opening of a new residential development, creating over 500 new units of housing with 149 of them being affordable, below market rate homes.
The new development, called The Avery, consists of three buildings at Folsom and First streets, in the city’s South Beach neighborhood.
One building is 618 feet tall, another is 65 feet tall and another is 85 feet tall. The 149 permanently affordable units are for families earning up to 50 percent of the area median income, while 280 other apartments will be market rate. The remaining 118 will be sold as luxury condominiums.
In a statement, Mayor London Breed said:
“(The new housing is) part of a years-long effort to create a new, thriving neighborhood in San Francisco and provide more homes so people can afford to live here.”
“(The housing) represents everything a successful mixed-income community should look like, with a combination of affordable homes, market rate apartments and condos, and a new retail corridor.”
Nadia Sesay, executive director of the Office of Community Investment and Infrastructure, said:
“This major mixed-income community embodies the vision for the Transbay Redevelopment Area and, most importantly, provides 149 affordable homes for low-income households.”
“By continuing to create these housing opportunities in one of the City’s newest neighborhoods, OCII is committed to providing high-quality housing for families and individuals who typically struggle to find affordable places to live.”
The new housing is the fourth housing project in the immediate area, called the Transbay Redevelopment Project Area. Back in 2005, the city’s Board of Supervisors approved redeveloping the area, allowing for the sale of vacant land parcels owned by the state of California.
Once fully completed, the Transbay Redevelopment Project Area will have a total of 3,206 brand new homes, of which 1,381 will be permanently affordable, the mayor’s office said.