Investments
The following are investments made by BACIN participants in the priority neighborhoods.
CASA DEL PRADO TOWNHOUSES
BACIN Investor: Bay Area Smart Growth Fund I
Business Name: Casa del Prado Townhouses
Business Location: Fairfield, California
Brief Description of Business:
Nature of product or service:
Conversion of rental housing to affordable condominiums. The units will be sold as condominiums to families earning 80 to 85% of the area medium income. The project is laid out as 81 separate buildings on 2.96 acres with a swimming pool and landscaped grounds. Each of the 81 units is individually addressed and located on its own parcel, with fencing dividing the private property from the common areas. Each unit is two stories and has a wood burning fireplace, attached 2-car garage, private enclosed patio, full-size washer/dryer hookups, and vaulted cathedral ceilings.
Business Model: Conversion from rental to condo.
Market Being Served: Regional
Description of Community Benefits:
1) Located in a priority low- and moderate-income neighborhood.
2) Providing much needed entry-level homeownership opportunities to families earning between 80% to 85% of the area median income.
3) Helping to advance the City of Fairfield's first time homebuyers program as well as generating additional tax increment dollars for targeted affordable housing units.
4) Infill housing location, which will help the jobs/housing imbalance in the region, as well as reducing the growth pressure on open space, while capturing the value of existing infrastructure.
Milestones Attained: All units have been sold.
Posted on 01/28/05
Efficas
BACIN Investor: Bay Area Equity Fund: A Double Bottom Line Fund
Business Name: Efficas, Inc.
Business Location: Locating in Richmond, California
Brief Description of Business:
Nature of product or service:
Efficas is seeking to become a leading biotechnology company focused on the discovery and rapid development of proprietary nutritional bioactives with clinically proven efficacy for the management of human and animal health. The Company is addressing an emerging need for rigorous science to support the efficacy of bioactives.
Business Model: Scientifically verify and commercialize nutritional compounds with strong health benefits, but, because the products are nutritional, the type of testing required for drugs is not required.
Market Being Served: Global
Number of Employees: 15
Description of Community Benefits: Company is committed to hiring low and moderate-income employees from the local community. In addition to providing jobs more traditional to the biotechnology sector, the Company will also provide agricultural jobs.
Projected Growth: Open office in Richmond; achieve scientific milestones in their first product derived from kiwi to assist in the control of atopic dermatitis; produce first product on a large scale, and bring their first product to market.
Milestones Attained: Initiated clinical trials, signed supplier and commercialization partners.
Posted on 01/31/05
Elephant Pharmacy
BACIN Investor: Bay Area Equity Fund: A Double Bottom Line Fund
Business Name: Elephant Pharmacy, Inc.
Business Location: Berkeley, California
Brief Description of Business:
Nature of product or service:
Elephant Pharmacy is a natural health retailer, focusing on natural/organic products, integrating traditional and new medicines, and providing a high-end shopping experience to the customer. Elephant offers traditional and alternative medicines, natural foods, personal care products, vitamins and supplements, Photo lab, DVD/video rental, flowers, seasonal products and a traditional pharmacy. The Company has also extended its brand into the private label supplements business and through boutique sections in upscale department stores through a pilot with Saks Fifth Avenue, which began in August 2004.
Business Model: Mix of retail and private label to consumers.
Market Being Served: Local
Number of Employees: 75
Description of Community Benefits:
1) Located near a low- and moderate-income priority area.
2) A large array of free services provided to the community, including people with low- and moderate-incomes, as an essential aspect of the business model:
a) Medical consultations.
b) Advise from pharmacists, herbalists, nurse practitioners, nutritionists, ayurvedic practitioners, aestheticians.
c) A large number of classes, workshops and seminars offered daily.
3) High quality products, extensive product information, and attentive customer service.
4) Employees receive:
a) Livable wages.
b) Co-paid healthcare
c) Generous stock options for employees of six months or longer.
d) Employee training and career counseling.
Projected Growth: Scheduled to open two new Bay Area locations in 2005.
Milestones Attained: First store opened; positive cash flow for the first store by mid-2004.
Posted on 01/31/05
FILLMORE HERITAGE CENTER
BACIN Investor: Nor-Cal FDC
Business Name: Fillmore Heritage Center
Business Location: San Francisco
Brief Description of Business:
Nature of product or service:
Infill urban real estate development, housing and commercial development, typically utilizing a public-private joint venture model, with the objective of community development.
Business Model: Development fees and sales income.
Market Being Served: Regional
Description of Community Benefits:
1) Em Johnson Interest undertakes affordable housing and mixed-use in-fill developments.
2) Fillmore Heritage Center is located in a priority low- and moderate-income area and is an important aspect of efforts at revitalization of that area. It will assist in returning the area to its former prominence as a center for Jazz.
3) Fillmore Heritage Center is a mixed-use in-fill development with 15% of the housing set aside as affordable.
Milestones Attained:
1) 13 years in the Bay Area.
2) Completed 2,165 units of housing, with a value of $180 million.
3) Currently has 617 units of housing, 70,000 sq. ft of commercial, with a combined value of $230 million.
4) 2004 income consists of development fees of $890,000; sales income of $6,102,000.
Posted on 05/12/05
MARIN CITY, GATEWAY RETAIL CENTER
BACIN Investor: Bay Area Smart Growth Fund
Business Name: Gateway Retail Center
Business Location: Marin City, California
Brief Description of Business:
Nature of product or service:
The Gateway Retail Center is an 182,054 square foot community-based shopping center that was built in 1996 on a ground lease owned by Main City Community Land Corporation (MCCLC). The Bay Area Smart Growth Fund formed a joint venture with MCCLC and provided equity financing to purchase and refinance the shopping center. The property is 90% occupied with anchor tenants such as Starbucks, Best Buy, Ross Dress for Less, Babies R Us, and Longs Drugs.
Business Model: Provide quality retail shopping for regional market.
Market Being Served: Regional
Description of Community Benefits:
1) Located in a priority low- and moderate-income neighborhood.
2) Formed a joint venture with MCCLC and provided equity financing, in order to preserve the ownership interest of MCCLC in the property.
3) Providing the current cash flow necessary for MCCLC to fund community services and programs.
4) Created joint ventures between local Marin City businesses and established businesses around the services needed by the shopping center, e.g., security and painting contracts.
5) Establishing a training program to assist MCCLC in learning how to manage the Gateway Retail Center effectively.
Projected Growth: The value of the Gateway Retail Center has increased substantially since its purchase and it is projected to continue to increase in value.
Milestones Attained: The Gateway Shopping Center has successfully executed a remarketing and releasing plan for the center. The implementation of this plan has reduced vacancy to 10%. The renovation of the Gateway Shopping Center has almost been completed.
Posted on 01/28/05
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