A residential development that could produce hundreds of low-cost apartments is moving ahead with the purchase of the project site.
OAKLAND — A residential development in downtown Oakland that could produce hundreds of low-cost apartments is moving ahead with the purchase of the project site by a group led by an affordable housing builder from Southern California.
paid $10.2 million for three parcels at 1523 Harrison St. where a 284-unit affordable housing development is in the works, according to documents filed on March 27 with the Alameda County Recorder’s Office.Newsom issues ‘final warning’ to cities over housing law violations — only one is in the Bay AreaSan Jose property deal helps affordable homes project move forwardThe 11-story apartment tower near 15th Street is expected to have a total project cost of $86.1 million, according to a staff report that was prepared for anThe project would include 63 studios, 203 one-bedroom units, and 18 two-bedroom units, plans on file at Oakland City Hall show. An estimated 281 units would be affordable, while three would be manager’s units. Rents could range from $876 a month to as much as $2,453 a month, depending on the size of the units and the targeted income limits for the apartments. The wage limits are expected to range from 30% up to 70% of the area median income. The project has been in the development for about four years, with initial and more recent proposals for the site being floated by Bay Area real estate firm oWOW, which designed the latest version of the tower. It now appears that the principal developer will be the Community HousingWorks affiliate, which landed $39.6 million in financing from the California Municipal Finance Authority, Alameda County documents show. “Building futures” through “life-changing, affordable apartment communities with onsite, resident-centered services” is Community HousingWorks’ primary mission statement, according to a post on the firm’s website.Newsom issues 'final warning' to cities over housing law violations — only one is in the Bay AreaWhat stood out in Tony Vitello's first series as SF Giants' manager?DA clears relative who killed rapper Lil Toro in Concord confrontationEl Niño is on the way: What that means for California's weather
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