July 24, 2014, San Francisco, CA – L+M Development Partners today announced the official opening of the final phase of Candlestick Heights, a new 196-unit affordable housing project in San Francisco’s Bayview neighborhood. The Candlestick Heights development brings to life a long-stalled project originally designed as market-rate housing by a previous developer, and creates a 100 percent affordable community that will provide much-needed housing and contribute to Bayview’s ongoing revitalization.
L+M, in partnership with local non-profit Bayview Hunters Point Multipurpose Senior Services, has worked to ensure that Candlestick Heights would serve long-term residents of the community and others in need of affordable housing.
Candlestick Heights will offer one, two, three and four bedroom affordable units. Average rent for the units will fall far below the standard market-rate, with one bedrooms averaging at just over $1,100 a month and four-bedroom units renting at just over $1,200. The first 66 units of Phase I of Candlestick Heights were completed in early 2013 and have been fully occupied since May 2013. The 130 units of Phase II were recently completed and are already approximately 70 percent leased.
“Today is an important day for the Bayview neighborhood,” said Ron Moelis, Founder and CEO of L+M Development Partners. “Candlestick Heights is our first development in San Francisco, and thanks to a fruitful collaboration with a number of civic leaders and community organizations, we expect it will not be our last. I would especially like to acknowledge Bayview Hunters Point Multipurpose Senior Services for their partnership, as well as the support we received from the city’s housing officials. Together, we have created a vibrant, completely affordable housing community that will meet the needs of local residents and contribute to Bayview’s ongoing renaissance.”
“The transformation of Candlestick Heights is a welcome opportunity for people who have long been waiting for positive change in Bayview Hunters Point,” said Cathy Davis, Executive Director of Bayview Hunters Point Multipurpose Senior Services. “The need for affordable housing is immense and this project reaches people who urgently need it. We appreciate our partnership with L+M Development and we remain committed to building community and connection with the residents of Candlestick Heights and the surrounding neighborhoods.”
The opening of Candlestick Heights represents a significant moment for the future of affordable housing in San Francisco and the Bayview area, and is a major milestone for a project that was stalled for several years. The first phase of the former developer’s project, designed to include only market-rate condos, was in development in 2008 when the financial crisis caused construction to cease. In late 2012, L+M restructured the project into a high quality affordable rental project, purchased the site, completed Phase I and started construction on Phase II.
In order to devise a plan that would fit with the needs of the community, L+M and Bayview Hunters Point Multipurpose Senior Services worked closely with the Mayor’s Office of Housing to change the income mix and overall marketing of the project. While the original developer’s plans did not include four-bedroom units, a number of the units were redesigned during this process to incorporate 26 four-bedroom units priced at 50 percent of the area median income.
The inclusion of four-bedroom units ensures that Candlestick Heights will meet the housing needs of the many families with children in the Bayview neighborhood and other parts of San Francisco. In addition, a commitment was made to provide a free after school program at Candlestick Heights. The developers, working with Hunters Point Family, are currently planning to open the program at the start of the upcoming school year.
The Bayview Hunters Point neighborhood of San Francisco has faced serious challenges in recent decades but is now undergoing a significant revitalization. In addition to Candlestick Heights, a number of major redevelopment projects are being planned or are currently underway in the neighborhood as a part of a 30-year vision to transform the former Candlestick Park stadium site, the long-closed Hunters Point Shipyard, and the surrounding areas. The brand new neighborhood will include more than 12,000 new homes, retail, office space, parks, and entertainment areas.
About L+M Development Partners
Founded in 1984, L+M Development Partners has been an innovator in developing quality affordable, mixed-income and market rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for more than $2.5 billion in development, investment and construction and has created more than 15,000 high-quality units in New York’s tri-state area alone. The firm is also expanding its geographic footprint to the Gulf region and West coast. Community leaders, government officials and investment organizations turn to L+M because of its consistent track record of excellence.
L+M is a double bottom line company, where its success is measured not only in financial returns but also by the positive impact it makes. L+M takes pride in its long-standing dedication to the communities it serves, demonstrated through an annual scholarship fund, job training programs and substantial support for local nonprofits. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people.