Freedom West 2.0
The original residents of Freedom West were all promised that buying into the co-op when it was built in 1973 (after “urban renewal”) would be able to provide their families with two things:
- A safe, affordable and well-maintained place to live in high-cost San Francisco; and
- A guarantee that their investment in co-op membership would ensure that their housing would remain affordable for multiple generations;
That original promise is at risk of being lost. The Freedom West 2.0 revitalization plans top priority is to find a way to deliver the residents what they were originally promised and truly deserve.
Save & Preserve On-Site Affordable Units
The vital co-op ownership structure for shareholders means peace of mind today and long-term economic sustainability and security for the future.
- Replaces the 382 existing units at Freedom West with 382 new co-op units that include modern amenities and more space at no additional monthly housing cost to cooperative members.
- Develops a long-term (40+ year) economic sustainable financial plan for the co-op, including new sources of income from additional residential and retail components.
- Involves Freedom West Homes’ input in the plans for the overall two million square foot development
- Includes Freedom West Homes receiving profit-sharing participation with the developer, MacFarlane Partners, from the profits that are generated from the entire market rate portion of the development
Additional Benefits for Residents Include
- Washer, dryer and dishwasher in every unit
- Smart heating and cooling in every unit
- Access to a gym/fitness center
- Access to state-of-the-art Innovation Center
- Secure underground parking
- Freedom West will own 20k square feet of additional retail space that will generate an additional income source to assist with long term economic sustainability
- Total market value of the new Freedom West owned property would increase by approximately three times the current appraised value.
Building the Infrastructure to Provide Better Lives
The mandate from the Freedom West Board is that this project will be developed per current market standards. Not only are we developing better homes, but we want to build the infrastructure to provide better lives with access to jobs, retail and recreation. For instance, Freedom West 2.0 will provide:
- Usable greenspace and common areas at Freedom West will increase from 46,000 to 59,000 square feet and includes:
- Large open play area for kids
- State-of-the-art community room
- State-of-the-art event center
- Dog walks
- Bike storage
We are also all very excited to install a Base 11 Innovation Center on the Freedom West site. It will be a world class facility where students and early career stage adults gain access to hands-on STEM workforce and entrepreneurship training using industry grade technology and equipment. Entrepreneurs of all ages and stages of development with their businesses can get access to state of the art tech, equipment, training, mentorship and access to capital to help launch and grow their companies.
In addition to physical benefits, the 40+ year economic sustainability plan for the Freedom West Cooperative includes multiple sources of revenue and profit participation and will serve to make sure that the current and future residents of Freedom West will benefit from long term, multi-generational access to affordable housing and economic empowerment.