Freedom West cooperative members vote to approve plan and move to final development agreement
SAN FRANCISCO, CA – The Freedom West Homes Corporation (FWHC), a nonprofit housing cooperative containing 382 housing units located in the Fillmore District, and MacFarlane Partners LLC, an African American owned and operated real estate developer, today announced that Freedom West cooperative members have voted by more than a 2-1 margin to approve Freedom West 2.0 – a concept design and long-term economic sustainability plan developed by MacFarlane Partners.
Freedom West 2.0 is a partnership between FWHC, MacFarlane Partners and Avanath Capital Management, which includes the following key features and benefits:
- Replaces the 382 existing units at Freedom West with 382 new market-rate quality co-op units that include modern amenities and more space at no additional cost to cooperative members.
- Provides an additional 133 affordable rental units, bringing the total number of affordable housing to 515 units.
- 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 and profit-sharing participation in the more than two million square foot development.
Today, after years in decline, a revitalized Freedom West will recapture the vision of its original founders in modern form. The commitment of Freedom West 2.0 is to build both a state-of-the-art, reinvigorated, yet affordable, community for the existing multicultural, multigenerational community, while also inviting a new, expanded population of residents who want to enjoy modern amenities and a centralized location along with desirable retail shopping, cultural arts, dining, and entertainment experiences.
“I am proud that our cooperative members voted to approve this plan that will dramatically improve our quality of lives, increase our safety, and ensure that we will be able to continue to afford to live in San Francisco for generations to come,” said Mattie Scott, President of the Freedom West board of directors. “We are in it to win it and together we can.”
Freedom West 2.0 will also empower residents by providing innovative solutions for economic, personal, professional and social development. The vital co-op ownership structure for shareholders means peace of mind today and long-term economic sustainability and security for the future.
“San Francisco’s urban renewal history that led to the creation of Freedom West Homes is a stain on the city’s great history and this project will help overcome those past injustices,” said Victor B. MacFarlane, chairman and CEO, MacFarlane Partners. “Freedom West 2.0 is one of the most important projects of my professional career, because it can help this community remain in place, without increasing their monthly housing costs, provide additional affordable and market rate housing for the San Francisco Bay Area and help the overall economy well into the future. This project will also continue our efforts in demonstrating that design and development can be done equitably, while providing jobs through construction, new retail and other opportunities that reflect the communities in which we live.”
The planned 6,000 square foot Innovation Center will offer STEM (Science, Technology, Engineering, and Math) focused workforce and entrepreneur training, access to capital for small businesses, and connection to corporate, academic, and government partners all designed to connect Freedom West residents with San Francisco’s broader technology, academic, and financial services ecosystem.
“Our vision from the start of this process has been to save the legacy of Freedom West while creating a long-term sustainable future that will restore equity and empower the shareholders and residents of Freedom West for generations to come,” said Landon Taylor, Co-Founder of Legacy First Partners and lead advisor to Freedom West Homes Corp. “Now that we have the affirmative vote of the members, we are excited to take the next steps towards turning the plan into reality.”
For more project details or to sign up to receive project updates, please visit: www.freedomwest.com.
About Freedom West
Freedom West Homes Corporation is a nonprofit housing cooperative containing 382 housing units located in the Fillmore District of San Francisco. In the late 1960s, in a period of civil turmoil, Rev. J Austell Hall had a vision to preserve a portion of the Fillmore District neighborhood that was being threatened by the city of San Francisco’s urban renewal. From this vision, he established Freedom West with the objective of creating a safe, affordable community, protecting cultural diversity, and providing a source of social and economic empowerment through co-operative ownership.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management and development firm that acquires, develops and manages properties on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor in and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco and operates a regional office in Los Angeles. For additional information, please visit the firm’s website at www.macfarlanepartners.com.