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CADA Selects Developer for East End Gateway Site 1
The Capitol Area Development Authority (CADA) announced Friday, March 20, 2009 the selection of Em Johnson Interest and Nehemiah Community Reinvestment Fund Holdings (NCRFH), a member of the Nehemiah family of companies, as the developer for East End Gateway Site 1. Located on the northwest corner of 16th and N Streets, the site is currently occupied by a parking lot and a small apartment building.
The selected proposal identifies sources of equity and construction financing and emphasizes the development of mid-rise entry-level “workforce” housing. The structure was designed by Devrouax + Purnell Architects and will be 8 floors (7 floors over a concrete podium). The structure will contain 98 condominiums, 6,000 s.f. of retail and 120 parking spaces. Construction is scheduled to begin in October 2010 and be completed by January 2012. The total project development cost is estimated at $37 million.
Projects completed by Em Johnson Interest include the Fillmore Heritage Center and North Beach Place in San Francisco (in partnership with Bridge Housing), Richmond Village, and Palm Villas in Oakland. NCRFH was the joint venture partner in developing over 1,900 units of housing in California, is the developer of the Township 9 project in Sacramento's River District, and provides community lending throughout the United States to help revitalize economically stressed neighborhoods.
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The Capitol Area Development Authority was created in 1978 by a joint powers agreement between the State of California and City of Sacramento to facilitate the development of quality residential and neighborhood commercial development within the Capitol Area Plan. For more information, contact Karen Koehn, CADA Communications Administrator at (916) 322-2114.
