What was for many years a vacant lot on a still-gritty section of SoMa's Natoma Street has now been transformed into a colorful new building with 60 permanently below-market rate homes. The Natoma Family Apartments are designated for families making $44,280 to $66,420 for a four-person household and are already 100 percent occupied (sorry, folks!) at rents that range from $711 to $1,569 per month. The nine-story building was designed by San Francisco's Leddy Maytum Stacy Architects, with Saida + Sullivan Design Partners, who managed to squeeze a warm and welcoming space onto an oddly shaped lot. The sustainably built development offers its residents amenities like a rooftop deck and a community garden, and 40 percent of the units are two- or three-bedrooms, a very high ratio for a BMR project.
Although the construction of the new building is considered a success story, and it brings the city one small step closer to the goal of constructing 10,000 new below-market rate homes by 2020, Mayor Ed Lee noted at the opening that the apartments were extremely expensive to build. The overall $31 million price tag puts the cost per apartment at more than $500,000. The complex was funded by the now-defunct San Francisco Redevelopment Agency, the Mayor's Office of Housing and Community Development, and Bank of America, with development led by Bridge Housing.
· 474 Natoma Street [Leddy Maytum Stacy Architects]
· Complex Funded by Former Redevelopment Agency Opens with Below-Market-Rate Units [SF Examiner]
· 474 Natoma [Bridge Housing]
· Rendering Reveal: Orange Sherbet Homes on Natoma [Curbed SF]