New York-based L+M Development Partners has purchased a major Bayview property from another developer, Jamestown Equity Partners LLC (Holliday Development), in a $29 million deal that included the City and Country of San Francisco and Bayview Hunters Point Multipurpose Senior Services.
The new owner, plans to complete an 11-building, 196-unit "affordable rental community." BHPMSS plans to provide afterschool programming at the housing complex, and will help market the new condos when they are finished.
Most Bayview Hunters Point residents cannot buy property at even "affordable" prices, and understand that the condo development is geared toward meeting the City's overall housing expansion goals. They are braced for more of the construction that has for years been shaking the neighborhood's Serpentine rock and landfill foundation.
The property, formerly known as Jamestown Condominiums, is located at 833-881 Jamestown Avenue, west of Candlestick Park. The revived project has been rebranded as "Candlestick Heights."
Holliday, the corporation that built the retail and housing development at 5800 Third Street, had already built 66 apartments at the Jamestown site before the 2009 recession and a default on its $90 million construction loan stopped it in its tracks.
The plan for a completed Candlestick Heights includes from one- to four-bedroom homes reserved for households earning less than 60 percent of San Francisco's median income. It will include 350,000 square feet of floor space, 80 percent of which will be residential. Landscaped gardens, play areas, and garage parking are also planned.
In the wake of slow sales at 5800 Third Street, completed apartments at Candlestick Heights are now offered for lease. New occupants are likely to move in this Spring. New construction via general contractor Cannon Construction, Inc. is expected to start immediately, and be completed in 16 months. C&C Affordable Management LLC, an L+M affiliate, will be the property manager.
To apply to lease or own at Candlestick Heights, call 415.578.9938.
- Jeffrey Betcher