OCII approves ENA and predevelopment loan for 112-unit Hunters Point family housing project

The Commission on Community Investment and Infrastructure on April 6 authorized an exclusive negotiations agreement (ENA) and an amended and restated predevelopment loan with the newly selected lead developer for Hunters Point Shipyard Blocks 52 and 54.

Elizabeth Colomelo, senior development specialist with OCII’s housing division, told commissioners the project will deliver 112 affordable family rental units, including one manager’s unit, and a mix of one-, two- and three-bedroom apartments as well as several four- and five-bedroom units retained to meet replacement requirements from prior projects. She said incomes will be targeted at 30–50% of area median income (AMI), which the presentation noted translates to about $38,000 to $60,640 per year for a family of four.

Colomelo described the development team now recommended by staff: Jonathan Rose Companies as lead developer, Bayview Hunters Point Multipurpose Senior Services (BHP MSS) as co-developer, the John Stewart Company as property manager and Baines Nibi as general contractor. She said the ENA has a 12‑month term with a possible 12‑month extension and includes milestones such as submission of an updated cost estimate, a financing plan and execution of ground leases prior to construction.

Colomelo also detailed an amended predevelopment loan package: the new loan amount is $3,650,000, reflecting $1,500,000 in predevelopment expenses previously paid by the earlier developer plus $2,100,000 remaining to be dispersed; the loan bears a 3% interest rate and is intended to convert to permanent financing at construction closing subject to future commission approval.

Dr. Veronica Honeycutt, chair of the Hunters Point Shipyard Citizens Advisory Committee, called in to endorse the project and the recommended team, saying the CAC was “extremely supportive of the team” and urging the commission to back the move.

Commissioners asked staff about the schedule and financing. Colomelo said the timeline is driven by external funding sources — particularly state tax credits and bond financing — and that staff expect to apply in the next available rounds; she said the ENA term was shortened and development milestones were adjusted to reflect the current financing environment.

Commissioner Scott moved to approve item 5b; the motion was seconded and the commission recorded five ayes with no noes or abstentions. Chair Bustos announced the motion carried.

What's next: Staff said they plan to return later this year with a request for a full gap loan if financing is secured and that construction is expected to start in 2022 with completion anticipated in 2024, subject to refinement during predevelopment.