SAN FRANCISCO-A joint venture of Bayview Hunters Point Multipurpose Senior Service Inc. and developer McCormack Barron Salazar, along with the San Francisco Redevelopment Agency, has acquired phase three at 5800 Third St. for a seniors housing project after being in escrow almost three years. The site of nearly 1.5 acres is slated for 121 units of affordable seniors housing and is designed to prevent the displacement of seniors in the area, according to GVA Kidder Mathews, which brokered the sale.
Richard Stoll, senior vice president in the San Francisco office of GVA Kidder Mathews, says that the development is the first of its kind in the US aimed to prevent displacement of seniors.
“The ‘aging campus’ was the dream of the late Dr. George W. Davis, who was the executive director of the Bayview Hunters Point Multipurpose Senior Community Service for almost three decades,” Stoll says. “His vision was to provide seniors who reside in Bayview-Hunters Point, who are often forced to leave their homes and relocate elsewhere, with alternative housing in the community they call home.”
Stoll previously sold the entire 5800 Third Street to a joint venture with Lennar Development that he had worked on for six years before it closed. He had worked closely with the Bayview Hunters Point Senior Community for almost 10 years to find a location for Davis’ campus.
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