First 100% Affordable Housing Debuts in San Francisco Shipyard

San Francisco Shipyard, San Francisco, Bay Area, FivePoint Holdings, Young Community Developers, AMCAL
Pacific Pointe | Photo by Bruce Damonte
SF Shipyard, San Francisco, Bay Area, Pacific Pointe
Pacific Pointe | Photo by Bruce Damonte

Young Community Developers and AMCAL Multi-Housing Host Grand Opening for Pacific Point Affordable Housing Development
First Affordable Housing at San Francisco Shipyard, Largest Redevelopment in San Francisco History
District 10 Supervisor Malia Cohen Leads Grand Opening Celebration

SAN FRANCISCO, CA – Oct. 21, 2016 — Pacific Pointe, the first 100% affordable housing development in the San Francisco Shipyard, held its grand opening yesterday led by District 10 Supervisor Malia Cohen. Young Community Developers, a non-profit that serves the Bayview Hunters Point community, and AMCAL Multi-Housing, a leading affordable housing developer, joined together to develop Pacific Pointe. Located at 350 Friedell Street, Pacific Pointe includes 60 modern, fully equipped apartments, many with views of the city and bay.

“I am encouraged that the Pacific Pointe project actually serves the residents of the Bayview neighborhood. Many of our neighborhood’s residents live at Pacific Pointe and many have worked on its development,” said Supervisor Malia Cohen. “Not only has the construction of this project provided job and training opportunities for residents but also more permanent affordable housing opportunities for Bayview residents.“

Joining Supervisor Cohen at the ribbon cutting ceremony were: Tiffany Bohee, Executive Director of the San Francisco Office of Community Investment and Infrastructure; Kofi Bonner, Regional President of FivePoint; Shamann Walton, Executive Director of Young Community Developers; Charmaine Atherton, Senior Vice President of Southern California Community Development Banking for Bank of America Merrill Lynch; and Maurice Ramirez, Executive Vice President of AMCAL Multi-Housing.

Pacific Pointe is already 100 percent leased to households earning no more than 50 percent of the San Francisco median income. The project was developed in cooperation with the San Francisco Office of Community Investment and Infrastructure and is part of the inclusionary affordable housing in FivePoint’s (formerly Lennar Urban) redevelopment of the 638-acre Shipyard, the largest redevelopment effort in San Francisco history.

Lennar provided a $10 million construction subsidy and the site infrastructure for the new affordable community. Bank of America is the lender and tax-credit investor for the project.

“I am excited to see the wonderful opportunities that have been available in our community finally come to fruition. One hundred percent affordable housing demonstrates that YCD is serious about keeping our community whole,” said Shamann Walton, Executive Director of Young Community Developers. YCD co-developed Pacific Pointe and will be providing training and social services to residents.

Residents of Pacific Pointe enjoy one, two and three bedroom apartments with onsite amenities including four community rooms and lounges, laundry facilities, a common space kitchen and secured parking. Two four-story buildings sit atop a one-story garage that provides 45 parking spaces and 44 bike spaces. The project provides outdoor public spaces common to market rate apartments such as a rooftop open-air deck and landscaped courtyards. The site is close to the Third Street light rail line, Muni bus line, a bicycle route, India Basin Shoreline Park and Hilltop Park, Hunters Point #2 School, and the city’s Southeast Health Center.

“I am thrilled to see the completion of our first development in San Francisco and very grateful to have had the opportunity to work with the City, Lennar and YCD and many others,” states Percival Vaz, CEO of AMCAL.

The design by David Baker Architects and INTERSTICE Architects is contemporary with exterior architectural elements that vary in size and color to create a distinctive and memorable façade for the structure. The corten steel “sail” pays homage to Hunters Point’s history as a shipping community. Sustainability played an important role in the design and construction of the building. Pacific Pointe achieved GreenPoint Rated status.

Pacific Pointe includes a special community tribute that provides a cultural and historical narrative of the people, places and things that have influenced Hunters Point over the years – spanning from the earliest settlement by the Muwekma Ohlone to the present and future places and institutions of this vibrant community. This public-oriented entry feature was a result of an intensive collaboration with the Hunters Point community as part of the project design process. The idea to tell a story within the project was brought forward early, and was actively supported by several community members, including Pastor Joesiah Bell and Dr. Veronica Hunnicutt.

The master plan for the San Francisco Shipyard and adjacent Candlestick Point includes 12,000 homes, three million square feet of office space, an urban outlet center, local retail, restaurants, a theater and performing arts space. Plans are in place to create 326 acres of parks and open space at the sites.

About AMCAL Multi-Housing
AMCAL is a leading developer of multi-family rental housing known for its commitment to outstanding design, quality construction, and green building that has led to multiple awards for its projects. Since its founding in 1978, it has concentrated in California, building more than 7,000 units in over 33 cities. The large majority of these are affordable housing projects for which it has received more than $585 million in tax credit financing. AMCAL is known for delivering projects on time and on budget, and generally builds with its own in-house construction company. The company entered the student housing field in California in 2012 and the affordable housing market in Texas in 2012.

About Young Community Developers
Established in 1973, Young Community Developers, Inc. (YCD) is a 501c (3) community based, nonprofit organization that provides a variety of training and support opportunities for residents of the Bayview Hunters Point neighborhood of San Francisco. Approximately 1,800 individuals per year receive employment and training related services through YCD. YCD’s dedication to community leadership stems from its mission to assist and self-empower independent and productive members of society by providing everyday tools and services with transformative effects.

About The San Francisco Shipyard
A new community with over a century of history and character. The SF Shipyard is a revitalized waterfront neighborhood with a bold new vision that brings together the best of San Francisco. Walkable residential neighborhoods, restaurants and bars, waterfront retail and creative workspaces. All situated among historic buildings and dry docks. There will be sports fields and courts, an extensive networks of trails for walking, hiking, running and cycling, in addition to water sport facilities on the Bay. This will be a place people will want to visit, live, work and play. Situated in San Francisco’s Bayview neighborhood overlooking the picturesque waterfront, The San Francisco Shipyard is just 3.5 miles from the city’s SoMa district and less than 15 minutes from downtown via car. The San Francisco Shipyard, and its sister community Candlestick, are 20-year, multi-billion-dollar redevelopments that encompass a total of 760 acres where there will be more than 12,100 new homes, nearly five million square feet of research/development and workspace and over 350 acres of parks and open space. www.thesfshipyard.com.

About FivePoint Holdings
Spanning the state from Southern California to the San Francisco Bay Area, FivePoint is the largest owner and developer of mixed-use, master planned communities in coastal California based on the total number of residential homesites permitted under existing entitled zoning. These communities represent major real estate developments in three of the most dynamic and supply-constrained markets along the California coast—Orange County, Los Angeles County and San Francisco County. For additional information, visit fivepoint.com.

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