SAN FRANCISCO, CA, December 3, 2007--San Francisco today will celebrate the groundbreaking of Mission Walk, the first below-market-rate, for-sale homes in the new Mission Bay neighborhood. Mission Walk is a development by Berry Street LLC (an affiliate of BRIDGE Housing Corporation) and the San Francisco Redevelopment Agency (SFRA). The groundbreaking ceremony commences at 12 noon at 335 Berry Street, San Francisco. Mission Walk will provide 131 for-sale condominiums and townhomes (25 one bedrooms, 82 two bedrooms and 24 three bedrooms) in two five-story buildings; each building will feature an on-grade parking garage and landscaped podium. The development is being designed to Leadership in Energy and Environmental Design (LEED) certifiable levels. When the project is complete, in approximately May 2009, homes will be sold at prices affordable to households that earn 80 to 100 percent of AMI (currently $86,500 for a family of four). Estimated sales prices will range from $149,000 to $278,000, in a neighborhood where market-rate condos are priced from $600,000 to well over $1 million. “The Redevelopment Agency is excited to be working with BRIDGE on increasing the stock of affordable homeownership housing opportunities within the Mission Bay Project Area,” said SFRA Executive Director Fred Blackwell. This is the fourth SFRA-assisted affordable housing development and the first SFRA-assisted affordable ownership development in Mission Bay. The SFRA uses a limited-equity homeownership program which balances the goals of long-term affordability and increased homeowner equity. “Mission Walk will provide homeownership opportunities to hardworking families who are the backbone of the economy,” said Carol Galante, President of BRIDGE Housing. “Kudos to the City for encouraging a master plan that includes affordable rental and homeownership components in a vibrant new urban community with so much to offer: retail, transit, open public spaces, offices and extensive life sciences facilities.” Financing for Mission Walk is being provided by the San Francisco Redevelopment Agency; Wells Fargo Bank, N.A.; the State of California Housing and Community Development BEGIN Program; and BRIDGE Housing Corporation Mortgage Assistance Program. The architect is Leddy Maytum Stacy, the associate architect is FullCircle Design Group and the general contractor is James E. Roberts-Obayashi Corp. Groundbreaking ceremony speakers include San Francisco Redevelopment Agency Executive Director Fred Blackwell, Wells Fargo Bank Vice President Jeff Bennett and BRIDGE Housing President Carol Galante. # # # NOTE TO EDITORS: Renderings of Mission Walk are available; please contact Lyn Hikida at 415-321-3552 or lhikida@bridgehousing.com to request. | 
