FOR IMMEDIATE RELEASE
Contact: Julio Lara
Senior Communications Manager
Sept. 8, 2020
Mission Housing secures funding for major rehabilitation project at South Park
(San Francisco, Calif.) — A much-needed rehabilitation is on its way.
Mission Housing is proud to announce that crucial funding for the rehabilitation of three historic Single Resident Occupancy hotels — Hotel Madrid, Park View and Gran Oriente — has been secured.
“Our mission isn’t just to build more homes,” said Mission Housing Executive Director Sam Moss. “We also work hard to ensure the quality of life for our tenants is the highest available. This is why we’re very excited and pleased we can begin work on these three SROs.”
All three SROs are located on South Park Street — less than a quarter-mile from Oracle Park in San Francisco. The process to rehab all three hotels began in 2018 right after Mission Housing acquired the historic Gran Oriente — deciding to then combine all three buildings into a scattered sites project with financing that includes tax credits and bonds, along with Chase Bank and the Mayor’s Office of Housing and Community and Development as major supporters.
“The rehabilitation of the three South Park Street sites will revitalize much needed affordable housing in San Francisco and provide support for the formerly homeless,” said James Vossoughi, Vice President, Community Development Banking, Chase. “We’re excited to work with Mission Housing and continue to be committed to supporting critical projects like this that help local communities thrive.”
This project will allow Mission Housing to keep housed our most vulnerable community members in the almost completely gentrified South Park area.
The next steps are the construction and temporary relocation of current residents.
“I’m humbled to see that even during a pandemic we are able to continue our essential services work and provide a dignified home to our residents at South Park.” said Mission Housing Deputy Executive Director Marcia Contreras.
Mission Housing expects to complete the project in the Fall of 2021. We look forward to working on this project with the continued support of the entire staff and our new property manager FPI Management.
About Hotel Madrid: Hotel Madrid is one of two South Park Residence properties that Mission Housing Development Corporation acquired and rehabbed in 1987. Hotel Madrid now provides permanent housing for formerly homeless and very low-income adults. After renovation, the staff established on-site programs to assist the hotel’s 44 special needs and formerly homeless residents.
About Park View: Along with the Hotel Madrid, the Park View Hotel was acquired and rehabbed in 1987. It now houses 40 formerly homeless and very low-income adults.
About Gran Oriente: Built in 1907, the Gran Oriente Hotel became one of the earliest Filipino-owned buildings in the South of Market Area when it was purchased in the 1920s by members of The Gran Oriente Filipino Masonic fraternity.
When Filipino community leaders such as SOMCAN, SOMA Pilipinas, and The Filipino Community Development Corporation learned of a potential sale, they reached out to San Francisco District 6 Supervisor Jane Kim to facilitate a solution in keeping ownership of the property in community hands, so its affordability would be positioned to survive for future generations. Supervisor Kim connected the organizers with Mission Housing.
To support the purchase, Mission Housing received a $5 million loan from the Mayor’s Office of Housing and Community Development Small Sites Program.
The Gran Oriente is currently 24 units.