In the last round of California Proposition 1C infill infrastructure grants voters approved in 2006, “San Francisco developers won seven state grants worth $96 million” versus one grant for $5 million the last time around. From J.K. Dineen:
The biggest Bay Area recipient was the John Stewart Co., which received the maximum $30 million to help bankroll the ambitious 750-unit mixed-income housing development called Hunters View, a project that includes the rebuilding of a 267-unit dilapidated public housing complex. The money will pay for everything from grading to utilities to a new street grid. Work will start early next year on the $300 million development, which will be built in phases.
The Emerald Fund, which is raising money to build 308 units of rental housing in Rincon Hill, received $11 million, much of which will go toward a park the developer agreed to build. The developer did not receive another $11 million transit-oriented development Prop 1C grant it had applied for, but Emerald Fund President Oz Erickson said he is hopeful that money will come through after a 90 day evaluation period. Erickson said that they have a strong case for the public benefits 333 Harrison will provide.
The Martin Building Company also received a grant for the development of 179 units at 2235 Third Street while Avant Housing’s bid for $5.7 million to kick-start development of 194 units at 1880 Mission Street was turned down.
∙ Urban housing firms grab $150M in grants [Business Times]
∙ JustQuotes: A New Vision For A Hunters Point Neighborhood [SocketSite]
∙ A Plugged-In Reader’s 12 Notes On The “PC” Approved 333 Harrison [SocketSite]
∙ 2225-2255 Third Street: What Was (And Hopefully Is) In The Works [SocketSite]