Over the next year and a half, nonprofit developer Bridge Housing will construct a 68-unit apartment building at a currently vacant lot on Grand Avenue by Lake Merritt. The affordable housing project, called AvéVista, is officially breaking ground on Friday and is slated for completion in summer of 2015.
In this case, “affordable” means monthly rents ranging from $696 to $1,392, depending on income and household and apartment size. The property will have studio apartments and units with one, two, and three bedrooms. The developers are targeting residents with incomes ranging from about $27,600 to $55,200, or 30 to 60 percent of the area median income for a family of four.
Here’s a rendering of the site, located at 460 Grand Avenue by Bellevue Avenue:
The developer started excavating last month and is marking the start of construction tomorrow morning with an event at Lakeside Park across the street.
Some features of the project, via the developer:
The $32-million, Mediterranean-style building will include four levels of residential apartments plus a landscaped courtyard, a community room and on-site laundry. The ground floor includes 3,000 square feet of neighborhood-serving commercial-retail space and resident parking, with an additional floor of parking below grade. … The architect is TWM Architects + Planners, and the general contractor is J.H. Fitzmaurice, Inc.
The Oakland Housing Authority owns the land and is the public partner for the project.
You can find more information and sign up on the AvéVista interest list here.