SAN FRANCISCO-Locally based Martin Building Co., Citi CommunityCapital and the AFL-CIO Housing Investment Trust revealed recentfinancing, which will further for the $80.4-million Potrero Launchresidences project here in the Central Waterfront area. Theunion-built development will produce 196 rental units, create 200union construction jobs a year for two years, and provideaffordable housing, child care and commercial development,according to a prepared statement.
To help address the city’s shortage of affordable housing, 39 ofthe 196 rental units at Potrero Launch will be affordable toresidents earning up to 30% of the area median income. In additionto the rental housing, plans include a restaurant, specialtygrocery store, cafe, underground parking, and a child-care center.With its many green features, including almost 18,500 square feetof usable open space, Potrero Launch is designed to be a LEEDCertified residential project.
“Potrero Launch will be a key catalyst for economic developmentand revitalization at a time when new construction in San Franciscohas come to a virtual halt for lack of investment capital,” saysPatrick McNerney, president of Martin Building Co. “We arefortunate to have investment partners like Citi Community Capitaland the AFL-CIO Housing Investment Trust who share our commitmentto San Francisco and its residents.”
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