Bay Area LISC helped celebrate the ribbon cutting of Terraza Palmera at St. Joseph's a finalist for the 2013 ULI Global Awards for Excellence. This is the second phase of the redevelopment of the historic St. Joseph's complex, which was originally built in 1912 as a convalescent home for low-income seniors.
As part of Bay Area LISC's continuing commitment to the San Antonio community of Oakland, we partnered with both the Lower San Antonio Community Development Fund and the Northern California Community Loan Fund to help finance the initial acquisition of the historic St. Joseph's complex. When the St. Joseph’s parcel was divided for Terraza Palmera, Bay Area LISC again supported the Lower San Antonio Community Development Fund to enable BRIDGE Housing to develop a unique multigenerational, mixed-use campus in the heart of the San Antonio community. "In total, Bay Area LISC invested nearly $1.2 million in this neighborhood landmark Senior Program Officer Peggy Jen said."
Project architects Van Meter Williams Pollack approached the design of the St. Joseph project in two phases with the objectives that: effectively addresses urban neighborhood revitalization by reusing an underused infill site, increasing density, replacing obsolete infrastructure and mitigating physical blight. Bay Area LISC facilitates redevelopment through utilizing the same redevelopment objectives and policies to develop, preserve and invest in the physical environment.
The Terraza Palmera at St. Joseph's project was featured in the East Bay Housing Organizations’ annual Affordable Housing Guidebook. East Bay Housing Organization is one of Bay Area LISC’s strategic partners to advocate for the preservation, protection and expansion of affordable housing.
“Bay Area LISC was instrumental in providing acquisition financing for St. Joseph’s in 2006 which made it possible for BRIDGE to purchase the property and proceed with entitlement and predevelopment activities senior project manager Smitha Seshadri said. Without access to this initial short term capital for a relatively high risk investment, BRIDGE would not have been able to proceed with the project.”
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