November 4, 2021, San Francisco, CA — Mayor London N. Breed, City Attorney David Chiu, Supervisor Aaron Peskin, and community leaders today celebrated the grand opening of two new affordable housing developments, Broadway Cove and 735 Davis. Located at 88 Broadway, Broadway Cove consists of 125 permanently affordable apartments for families, while 735 Davis consists of 53 units for seniors.
The new apartments at Broadway Cove are available to households with incomes ranging between 30-120% of the Area Median Income (AMI). Over 30 of the family units are supported by Project-Based Section 8 Vouchers and will house residents of the HOPE SF Potrero public housing site who have accepted the opportunity to relocate, while City-sponsored subsidy programs support 28 of the senior apartments located at 735 Davis.
“To address our City’s housing crisis, we need to be willing to take on projects like the ones we are celebrating today,” said Mayor Breed. “As we recover from this pandemic and fully reopen our economy, it is critical for San Franciscans to have the opportunity to live and thrive in the city they call home. I will continue to do all that I can to ensure that that our residents, especially our families and seniors, have a safe and dignified place to live.”
In October 2018, Mayor Breed announced a $1.5 million investment to ensure 735 Davis would be affordable to very low-income seniors through the Senior Operating Subsidy (SOS) program. The funding cuts rents in half for 13 senior housing units, lowering the monthly rent for a one-bedroom apartment from $1,538 to $769. Additionally, 15 units are supported by the Local Operating Subsidy Program (LOSP), part of Mayor Breed’s Homelessness Recovery Plan.
Before the development of affordable housing, 88 Broadway served as a surface parking lot owned by the Port of San Francisco on a parcel that was formerly occupied by the Embarcadero Freeway. 735 Davis is a former San Francisco Public Works parking lot transferred to the Mayor’s Office of Housing and Community Development (MOHCD) through the City’s surplus land ordinance to make developable sites available for affordable housing on public lands.
In 2018, then-Assemblymember David Chiu, who now serves as San Francisco City Attorney, authored Assembly Bill (AB) 1423 to permit the City to build affordable housing at 88 Broadway. AB 1423 also clarified that 88 Broadway could include a childcare facility and a ground floor restaurant.
“This is exactly the type of housing we need in San Francisco,” said City Attorney David Chiu. “These projects will provide 178 affordable homes to our families and seniors. I was more than happy to author legislation as an Assemblymember to ensure this project moved forward and families would have the amenities they need.”
With a particular focus on meeting the housing needs of the surrounding neighborhood, of the 129 units available through the affordable housing lottery, 40%, or 51 homes, were available to applicants with the Neighborhood Resident Housing Preference. The two developments collectively feature approximately 10,500 square feet of retail/commercial space targeted to neighborhood-serving uses, including a 55-slot mixed-income childcare center operated by the YMCA of San Francisco. There is also a 9,500 square-foot mid-block public walkway publicly accessible between the two sites, with landscaping and seating.
“I am incredibly proud to have fought for and secured 100% affordable housing (and one park) on the four parcels liberated by the teardown of the Embarcadero Freeway,” said Supervisor Aaron Peskin, who has represented the northeast corner of the City on and off for two decades. “Broadway Cove/735 Davis are especially significant because they are the first of the sites to benefit from our SOS subsidies for seniors program. It’s very moving to have served long enough to see this last freeway parcel welcome residents home.”
“The Port is deeply committed to a waterfront for everyone and is proud to own and provide the land at 88 Broadway for San Francisco for families and seniors to live well in our City,” said Elaine Forbes, Executive Director of the Port of San Francisco. “The 88 Broadway community symbolizes joy and opportunity and is a wonderful addition to our renowned waterfront.”
BRIDGE Housing and The John Stewart Company were partners on this multi-building development. They enlisted local architecture firm Leddy Maytum Stacy and Cahill Contractors to bring this project to completion.
“This was a rare opportunity to bring a much-needed range of affordability and services to the neighborhood,” said Susan Johnson, BRIDGE Housing Interim President & CEO. “We’re proud to team up with The John Stewart Company and our public- and private-sector partners on this effort to serve people, from the city’s most vulnerable seniors to working families.”
“Completion of this innovative project realizes John Stewart’s vision for what he called ‘the mother of all mixed-use projects,’ meaning an affordable and inclusive community with family and senior units, residents ranging from the formerly homeless to the ‘missing middle,’ supportive services for all residents and an on-site mixed-income childcare center – all on publicly-owned land with unparalleled views and proximity to the Bay. John spent many hours appearing at Port Commission, Board and community meetings championing this project, and we are absolutely thrilled to have helped bring it to fruition,” said Jack Gardner, President & CEO of the John Stewart Company.
“We’ve lived in the neighborhood my whole life, and with a family of five, our apartment was very crowded,” said Broadway Cove resident Tammy Z., who moved in under the Neighborhood Resident Housing Preference program. “Broadway Cove is a gift that changed our lives, as my sister and I still live close to our parents, but for the first time, we have our own rooms.” Tammy works as a customer service manager at a local music school and is also studying at City College of San Francisco.
Major financing for both Broadway Cove and 735 Davis includes a $50 million investment for building construction from MOHCD that enabled the $140 million (combined) projects to move forward. In addition to the City’s investment, Bank of America, the California Tax Credit Allocation Committee, and Barings Multifamily Capital LLC contributed to 88 Broadway, while the Federal Home Loan Bank of San Francisco contributed to 735 Davis.
“Bank of America Community Development Banking is pleased to provide more than $125 million in debt and equity financing to help create much-needed affordable housing for families in San Francisco,” said Liz Minick, San Francisco-East Bay Market Executive at Bank of America.
“Broadway Cove and 735 Davis are great examples of the impact public-private partnerships can make to support the communities where we work and live.” Broadway Cove is a six-story building that includes studios, one-bedroom, two-bedroom, and three-bedroom apartments. 735 Davis is a six-story building that includes studios and one-bedroom apartments. Both projects started construction in June 2019 and were completed in December 2020 (735 Davis) and March 2021 (88 Broadway), with the grand opening delayed due to the COVID-19 pandemic.