OAKLAND, CA, April 6, 2016—BRIDGE Housing and the Oakland Housing Authority today will celebrate the grand opening of AvéVista Apartments, 68 newly constructed affordable rental apartments at 460 Grand Avenue on the shores of Oakland’s Lake Merritt. The event begins at 11 am with a speaking program followed by a ribbon-cutting ceremony and refreshments. BRIDGE is an award-winning nonprofit developer, owner and manager of affordable homes.
AvéVista is affordable to residents with incomes of up to $55,740 for a family of four (60% of Area Median Income). Below-market-rate rents for 34 of the apartments range from approximately $785 to $1,399 per month, depending on factors such as income, household and apartment size; the other 34 apartments have a project-based section 8 subsidy.
“Rents in Oakland have grown faster than anywhere else in the nation. Affordable housing projects like AvéVista Apartments are essential to preserve the cultural diversity of our community,” said Congresswoman Barbara Lee (CA-13). “I am proud of the regional partnerships that have helped bring this project to fruition.”
The Mediterranean-style building features four levels of studio, one-, two- and three-bedroom apartments plus a landscaped courtyard, a community room and on-site laundry. The ground floor includes 3,000 square feet of neighborhood-serving commercial-retail space and resident parking, with an additional floor of parking below grade. AvéVista is situated in a bike- and pedestrian-friendly neighborhood near major transportation corridors, allowing access to jobs, retail and services.
“AvéVista is not only a beautiful building on the outside, the purpose of this building is also beautiful. BRIDGE’s development adds to the character and economic diversity of Oakland, by providing housing to Oaklanders who otherwise would not be able to afford to stay here,” said Oakland City Council President Lynette Gibson McElhaney.
“With the dramatically increasing housing costs impacting so many families in Oakland, the Oakland Housing Authority is proud to be part of the partnership with BRIDGE that brings much needed affordability into this wonderful neighborhood for decades to come,” said Eric Johnson, Executive Director of the Oakland Housing Authority, the land owner and public partner.
More than 5,200 people applied to live at AvéVista, which brings affordability to a location just a mile away from BART, downtown Oakland and major regional employers. “This is a prime example of how infill development—on the site of a former surface parking lot—can help to address the region’s housing crisis,” said Cynthia A. Parker, President & CEO of BRIDGE Housing.
Financing for the $32-million property was provided by the Oakland Housing Authority, Chase, Wells Fargo and the Federal Home Loan Bank of San Francisco.
“Wells Fargo has a strong commitment to supporting long-term economic growth and improving the quality of life for everyone in our communities,” said Tim McCann, SVP, Wells Fargo Community Lending and Investment group. “Our participation in AvéVista Apartments not only strengthens our commitment to revitalizing the Oakland area, but it means 68 families will have a place to call home.”
“The Federal Home Loan Bank of San Francisco is pleased to have supported construction of the AvéVista Apartments,” said Lawrence H. Parks, the Bank’s SVP, External and Legislative Affairs. “Our Affordable Housing Program allows the Bank and its members to support valuable projects like the AvéVista Apartments, which improve the quality of life in underserved communities. These public-private partnerships are strengthening Oakland neighborhoods and other communities served by our member financial institutions in Arizona, California and Nevada.”
The architect for AvéVista is TWM Architects + Planners, and the general contractor is J.H. Fitzmaurice, Inc.
Expected speakers for the ribbon-cutting include Congresswoman Barbara Lee; Lynette Gibson McElhaney, President, Oakland City Council; Eric Johnson, Oakland Housing Authority; Kevin Blackburn, Federal Home Loan Bank of San Francisco; Tim McCann, Wells Fargo; Alice Carr, Chase; and Cynthia Parker, BRIDGE Housing.
At the time of the ribbon-cutting, applications were no longer being accepted for AvéVista and the waiting list was closed. For more information about BRIDGE, visit www.bridgehousing.com.
About BRIDGE Housing
BRIDGE Housing Corporation, a leading nonprofit developer of affordable housing, creates and manages a range of high-quality, affordable homes for working families and seniors. Since it was founded in 1983, BRIDGE has participated in the development of over 16,000 homes in California and the Pacific Northwest. For more information, visit www.bridgehousing.com.
About Oakland Housing Authority
Oakland Housing Authority is the largest provider of affordable housing in the City of Oakland and proudly delivers diverse housing choices to over 16,400 households in a service-oriented environment, while improving and expanding the housing options for future generations. For more information about the Oakland Housing Authority, please contact us at firstname.lastname@example.org, visit our website at www.oakha.org, or call 510.874.1653.