149 Mason Street: Studios for the Chronically Homeless
The 149 Mason Street project consists of 56 studio apartment units designed for people who have been chronically homeless.
The target population for these apartments has annual incomes at or less than 15% of area median income for San Francisco. Rent for these studios, will be approximately $300 per month, thanks to subsidy from the San Francisco Local Operating Subsidy Program. Support services to building residents will be provided by Glide Community Housing in partnership with the San Francisco Department of Health Services.
Development Team
The project is developed by a joint venture partnership of Glide Economic Development Corporation with Tenderloin Neighborhood Development Corporation, a well regarded and experienced non-profit housing sponsor. The project architect is Hardison, Komatsu, Ivelich and Tucker, based in Oakland. Construction is underway directed by Nibbi Brothers as general contractor. Nibbi is working closely with Glide's YouthBuild program to maximize the numbers of young people from the Tenderloin neighborhood who will help build this building. Many Glide YouthBuild graduates have been selected by 149 Mason Street subcontractors to work on other construction projects. Development Management is performed by Paula Collins of WDG Ventures Inc. Artist Johanna Poethig has created colorful tile mosaics, which will adorn the two most visible building facades. Known for her work that crosses the private and public realms, the artist’s work for 149 Mason sends a message of hope and spirituality along with real world activism, which is the essence of the Glide approach to humanity.
Project Schedule and Financing
Construction of the 149 Mason Street apartments began in October 2008, and is slated for completion by the end of the 2009. The total development cost of the project is approximately $30 million, sourced from a variety of lenders and equity providers, including the San Francisco Mayor’s Office of Housing, the Local Initiative Support Corporation (LISC), construction financing from Silicon Valley Bank, the Federal Home Loan Bank, and AEGON USA Realty as the tax credit investor. The California Debt Limit Allocation Committee authorized the issue of tax-exempt bonds, issued by the City and County of San Francisco. and purchased by Silicon Valley Bank.
LOCATION: 149 Mason Street, San Francisco, CA 94102