SAN FRANCISCO (KRON) — San Francisco Mayor London Breed celebrated the grand opening of the new mixed-income housing community on Thursday.
The Avery is a mixed-income and mixed-use residence that contains 548 units, including 149 affordable and below market rate homes for families earning up to 50-percent of Area median Income or below.
The three-building development is located in the Transbay neighborhood on a one-acre block off Folsom, First, Clementina and Fremont streets. The buildings consist of a 618-foot tall glass tower, a 65-foot tall midrise and an 85-foot tall midrise.
“These 548 new homes are part of a years-long effort to create a new, thriving neighborhood in San Francisco and provide more homes so people can afford to live here,” Breed said. “This development of Transbay Block 8 represents everything a successful mixed-income community should look like, with a combination of affordable homes, market rate apartments and condos, and a new retail corridor.”
The development is the fourth housing project to be completed in the Transbay Redevelopment Project Area, established in 2005 following the adoption of the Redevelopment Plan for the Transbay Project Area by the Board of Supervisors.
The Transbay Redevelopment Project Area will account for 3,206 new units, of which 1,381 will be permanently affordable.
“The Avery brings 548 state-of-the-art homes to San Francisco, while increasing the City’s critical affordable housing stock and creating a thriving new retail corridor,” Bill Witte, Chairman and CEO of Related California, said. “We were proud to partner closely with the City, TNDC, and leaders in the community to deliver a cutting-edge, mixed-income community that San Franciscans can take pride in for years to come.”