Casa Sueños (Fruitvale IIB)
- Headquarters
- Portland
- Categories
-
- Families
- LIHTC Project
- Supportive Services
Affordable family housing with supportive services
$56,856,659
Gross Equity
181
Total Rental Homes
$144,568,335
Total Development Cost
Property Summary
Casa Sueños, also known as Fruitvale II-B, is the new construction of an innovative residential development in Oakland’s neighborhood, 4.2 miles southeast of downtown. This development is two mid-rise buildings with 181 affordable apartments, constructed over a 111-space parking garage on a 2.16-acre site.
Additionally, it features an attached community service facility. The development is strategically located within walking distance, accessible to the Fruitvale Bay Area Rapid Transit (BART) station, shopping, employment, recreation, entertainment, and educational facilities nearby. Furthermore, essential health and safety services are within a 4.5-mile radius.
Casa Sueños aims to address Oakland’s critical housing needs by offering studio, 1, 2, and 3-bedroom apartments catering to households earning between 20% and 80% of the area median income (AMI).
Forty-six homes dedicated to those earning up to 20% of AMI will come with permanent supportive services for residents who are disabled or have experienced chronic homelessness. These supportive services are provided by Lifelong Medical Care and are financed by Alameda County.
Besides the residential component, Casa Sueños includes 7,500 square feet of affordable commercial retail space designated for a local nonprofit organization. This provision aims to support organizations and communities threatened by displacement due to escalating commercial rents.
In partnership with the City of Oakland, the LIHTC Partnership will engage in a ground lease for the land, signifying a collaborative approach to fostering community development.
Casa Sueños is scheduled to complete construction in the Fall of 2023.
Development Team
BRIDGE Housing Corporation (BRIDGE, the developer and property manager), general contractor, and architect have extensive experience with affordable housing. BRIDGE is a nonprofit corporation founded in 1983 and headquartered in San Francisco, California. BRIDGE seeks to strengthen communities and improve the lives of its residents, beginning – but not ending – with affordable housing. BRIDGE was formed with an anonymous grant in 1983 to address the dwindling supply of affordable housing in the San Francisco Bay Area. Its portfolio has expanded to include California, Oregon, and Washington State properties.
The Unity Council was founded in 1967 as a commitment by local community leaders who wanted to advance a substantive representation of Latinos in political and policy decisions in Oakland and the surrounding area. TUC is a nonprofit corporation headquartered in Oakland, California, operating out of offices located in the Subject’s Fruitvale neighborhood. TUC’s mission is to promote social equity and improve quality of life by building vibrant communities where everyone can work, learn, and thrive. A social equity development corporation, The Unity Council, has worked for 55 years to address issues such as unemployment, poverty, educational barriers, and cultural identity erasure in the East Bay area through services for individuals and community-focused real estate.