San Francisco, CA — Mayor London N. Breed today celebrated the grand opening of The Avery, a mixed-income and mixed-use residential development that contains 548 new units, including 149 affordable and below market rate homes for families earning up to 50% of Area Median Income or below. Mayor Breed was joined by the Office of Community Investment and Infrastructure, Related California, the Tenderloin Neighborhood Development Corporation, and community leaders.

“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,” said Mayor Breed. “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.”

Located on a one-acre city block bound by Folsom, First, Clementina, and Fremont Streets, the development consists of three buildings: a 618-foot tall glass tower, a 65-foot tall midrise, and an 85-foot tall midrise. The residential mix is 149 affordable apartments for families earning up to 50% Area Median Income, 280 market rate apartments and 118 for-sale luxury condominiums.

OCII oversaw the development of the project, which is the fourth housing project to be completed in the Transbay Redevelopment Project Area. The Transbay Redevelopment Project Area was established in June 2005, following the adoption of the Redevelopment Plan for the Transbay Project Area by the Board of Supervisors. The Redevelopment Plan allowed for the sale of vacant land parcels owned by the State of California, allowing for construction of The Avery and generating funding for the Transbay Transit Center.

“I am excited to celebrate the grand opening of the Avery on Transbay Block 8. This major mixed-income community embodies the vision for the Transbay Redevelopment Area and, most importantly, provides 149 affordable homes for low-income households,” said Nadia Sesay, Executive Director of the Office of Community Investment and Infrastructure. “By continuing to create these housing opportunities in one of the City’s newest neighborhoods, OCII is committed to providing high-quality housing for families and individuals who typically struggle to find affordable places to live.”

Related California and affordable housing nonprofit Tenderloin Neighborhood Development Corporation (TNDC) partnered on this development and enlisted OMA, Fougeron Architecture, and HKS to make this new community a reality.

“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,” said Bill Witte, Chairman and CEO of Related California. “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.”

At full build out, the Transbay Redevelopment Project Area will account for 3,206 new units, of which 1,381 will be permanently affordable.

“TNDC is proud to bring 149 affordable homes to Transbay through our partnership with Related California. Together, we have achieved OCII’s vision of a mixed-income community where tenants with low-incomes can access and benefit from the same amenities as market-rate renters,” said Katie Lamont, Senior Director of Housing Development at TNDC. “We look forward to seeing the families at Avery Lane thrive in their beautiful new homes for years to come.”

Financial partners for The Avery include OCII, Wells Fargo Bank, Bank of China, Goldman Sachs, Citigroup, the California Tax Credit Allocation Committee, and the California Debt Limit Allocation Committee.

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