222 Beale Street / 255 Fremont Street
The Transbay Block 7 project consists of three multi-family residential buildings comprised of 120 affordable units, around a grade-level landscaped courtyard. The project includ es a community room, a child care center, management offices and laundry rooms, contributing to a total of 123,167 square feet. The project will be CALGreen compliant and “GreenPoint” rated according to Build it Green.
255 Fremont / 222 Beale, located on Transbay Block 7, will be a 120-unit, OCII-sponsored affordable housing project featuring 120 apartments serving families between 40% and 50% of the area median income (AMI). This affordable development is another step toward reaching Mayor Lee’s goal to provide 10,000 affordable housing units by 2020. The project will feature a 40-space childcare center and 50% of the center’s enrollments will be subsidized for low income families. Block 7 is designed to achieve the Green Point equivalent of LEED Gold certification. Mercy Housing California 64, LP will own and operate the units through a 75-year ground lease with OCII. 255 Fremont / 222 Beale is part of the overall Transbay Blocks 6/7 development—a high density,pedestrian-oriented, mixed-income and mixed-use community in the heart of the new Transbay neighborhood. Transbay Blocks 6/7 comprise the first collaborative affordable and market rate housing venture in the new Transbay neighborhood. To meet its inclusionary housing requirement, Golub Real Estate Corporation, the market rate housing developer, provided a $10.3 million subsidy to help pay for the Block 7 development costs.
Project Area Transbay
Project Owner Mercy Housing California 64, LP
Project Developer Mercy Housing California
Project Architect Santos Prescott
Project Contractor Cahill
Start/Complete Date June 2016/January 2018
Total Development Cost $66,125,000
Total OCII Funding $25,560,000