Emeryville, California – Representatives from the Cities of Emeryville and Oakland will joined EAH Housing, colleagues from Alameda County and guests for the groundbreaking of a new affordable housing community on Wednesday, October 11, 2017.
The new transit-oriented development (TOD), Estrella Vista, will provide studios and one- to four-bedroom apartments. 100% of the units are affordable and will be reserved for people whose income is 20%-60% of the area median income (AMI).
“Having 87 new affordable housing units will bring vitality to the neighborhood. It offers families an opportunity to live near where they work. The City of Oakland is thrilled to welcome Estrella Vista,” states Michele Byrd, Director of Oakland’s Department of Housing & Community Development.
The development is a testament to collaboration across city lines, as over 15 partners--public and private--worked to realize the project.
Representatives from the City of Emeryville expressed how proud the city is to be involved in an incredibly innovative partnership at Estrella Vista. Working with the City of Oakland and Alameda County has shown a shared vision in Emeryville’s commitment to increasing affordable housing in the Bay Area.
Such a project would be impossible were it not for the commitment of private financing.
“Affordable housing creates economic diversity and healthy communities. Wells Fargo believes that investing in affordable housing is a smart investment for all of us in Emeryville and throughout the Bay Area,” says Tim McCann, Wells Fargo Senior Vice President and Regional Equity Manager, Tax Credit Investment Group.
This EAH Housing mixed-use development will include 7,000 sq. ft. of retail space along San Pablo Avenue, and the building will utilize sustainable sources of energy, including solar thermal generation and a photovoltaic (PV) system. The community will feature services for residents, such as after-school programs and resource referrals.
“We recognize that California, specifically the Bay Area, has been in a housing crisis for a while. Our project managers have worked hard to keep it going and piece funding together as the economy swirled. Today, it is so rewarding to see the shovels hitting the ground and to know that hundreds more people, including children and seniors, will soon have an affordable place to call home at Estrella Vista,” says Mary Murtagh, President and CEO of EAH Housing.
Construction is expected to be completed by July 2019.