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L+M Development Partners just opened the final phase of Candlestick Heights, and we've got a first glance at the finished product. The new 196-unit affordable housing project in Bayview boasts one bedrooms averaging $1,100. The first 66 units of Phase 1 of Candlestick Heights were completed in early 2013 and have been fully occupied since May 2013. The 130 units of Phase 2 were recently completed and are already about 70% leased.
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The first phase of the former developer’s project, designed to include only market-rate condos, was in development in 2008 when the financial crisis caused construction to cease. In late 2012, L+M restructured the project into a high-quality affordable rental project, purchased the site, completed Phase 1 and started construction on Phase 2. Candlestick Heights is L+M's first development in S.F. and CEO Ron Moelis doesn't think it will be its last.
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