Friday, March 20, 2009
EEG Site One Developer Selected
EM Johnson Interest and Nehemiah Community Reinvestment Fund Holdings (NCRFH), a member of the Nehemiah family of companies, has been selected as the developer for East End Gateway Site 1. Located on the northwest corner of 16th and N Streets, the site is currently occupied by a parking lot and a small apartment building.
The selected proposal identifies sources of equity and construction financing and emphasizes the development of mid-rise entry-level “workforce” housing. The structure was designed by Devrouax + Purnell Architects and will be 8 floors (7 floors over a concrete podium). The structure will contain 98 condominiums, 6,000 s.f. of retail and 120 parking spaces. Construction is scheduled to begin in October 2010 and be completed by January 2012. The total project development cost is estimated at $37 million.
Projects completed by Em Johnson Interest include the Fillmore Heritage Center and North Beach Place in San Francisco (in partnership with Bridge Housing), Richmond Village, and Palm Villas in Oakland. NCRFH was the joint venture partner in developing over 1,900 units of housing in California, is the developer of the Township 9 project in Sacramento's River District, and provides community lending throughout the United States to help revitalize economically stressed neighborhoods.