The Michaels Development Company and LINC Housing Corporation recently broke ground on a $23 million, mixed-use affordable housing community, Red Star Apartments, in Oakland, Ca.
The community will offer one- and two-bedroom apartment homes to income-eligible seniors, and is based on the former site of the Red Star Yeast factory.
“We are very grateful for the neighborhood’s support of our vision to bring much-needed affordable housing to the elderly in this city and to turn a site that is considered an environmental hazard into a viable, vibrant, housing community near transportation, shopping, and cultural amenities,” said Dave Lukens, vice president of Michaels Development Company.
Before construction could begin, Michaels and LINC had to do extensive environmental remedial work on the site, made possible through a $1 million grant from the state. The developers were also able to secure $1.1 million in Affordable Housing Program Funds from The Federal Home Loan Bank of San Francisco, and an additional $1.5 million in Infill Infrastructure Grant Program funds from the California Department of Housing and Community Development.
Additional equity will be raised through selling Low Income Housing Tax Credits awarded to Red Star Apartments by the California Tax Credit Allocation Committee.
The community was designed by architectural firm KTGY Group and, upon completion, will feature 119 apartments, retail space, a computer center, and a recreation center.
Written by Alyssa Gerace