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Freedom West 2.0
Discover how LegacyFirst leaders are transforming an underperforming, underutilized resident-owned housing cooperative in San Francisco into a $2.3B master-planned community—preserving affordability, preventing displacement, and unlocking the value of four city blocks just three blocks from City Hall and directly bordering Hayes Valley, which is rapidly becoming known as AI Valley in the Bay Area.
Advisory Services
Capital Sourcing
Development Management
Asset Management
/01
Year
2018 to present
/02
Asset Type
Mixed Use and Multi Family
/03
Location
San Francisco
Public/Private Partnership
Overview
The $2.3 billion Freedom West 2.0 Revitalization is a transformative public-private initiative to redevelop four city blocks—10 acres—owned by Freedom West Homes Corporation in San Francisco’s Fillmore District. After decades of deferred maintenance, this historically significant, resident-owned housing cooperative had reached the end of its functional life.
LegacyFirst was engaged to lead the effort to preserve the community, prevent displacement of approximately 1,000 current residents, and unlock the full economic potential of its real estate holdings. The revitalization plan replaces outdated infrastructure with a modern, sustainable, mixed-use development that will serve as an engine of long-term wealth creation and economic self-sufficiency for Freedom West and its residents.
This project also seeks to redress the lasting harm caused by 1960s-era Urban Renewal programs, aiming to catalyze inclusive growth in the surrounding Fillmore/Western Addition neighborhood and reestablish it as a cultural and economic anchor.
Challenge
LegacyFirst was engaged to rescue and reposition a deeply undercapitalized nonprofit housing co-op—spanning four city blocks and 382 units—facing pending loan default, operational breakdown, and the pressures of gentrification. The core mandate: design and implement a turnaround strategy without displacing the 1,000 predominantly low-income residents, while unlocking long-term economic self-sustainability.
Our Approach
LegacyFirst delivered a comprehensive, institutional-grade solution that integrated:
- Crisis stabilization of financials, governance, and operations
- Strategic repositioning of the asset through master-planning and entitlement
- Capital access via public-private funding pathways
- Development oversight with a focus on community inclusion and long-term value creation
Results
Asset Management
- Averted default through emergency stabilization and debt refinancing (JP Morgan Chase)
- Secured $1.2M in grant funding from the City of San Francisco
- Boosted net operating income (NOI) by 372% in 5 years
- Improved debt service coverage ratio (DSCR) by 362% (2020–2023)
Advisory Services
- Designed a redevelopment strategy to grow asset value from $175M to $616M
- Designed a long-term economic self-sustainability plan (from the ongoing ownership of the newly built commercial real estate assets) forecasted to generate $200M in incremental cash flow over 40 years
Capital Sourcing
- Raised $24M in predevelopment capital for our client through a blend of low-interest impact loans and grants
Development Management
- Achieved a super majority “Yes” vote from the 382-member co-op community representing approximately 1,000 residents
- Leveraged SB35 to fast-track approval for a 115-unit senior housing parcel
- Secured city funding for the senior building
- On track for entitlements to build:
- 2,400 housing units (1,885 market rate, 515 affordable)
- 80,000 sq ft of retail/commercial
- STEM Entrepreneurship Innovation & Performing Arts Centers
- 186-key boutique hotel
Value Created
LegacyFirst helped transform a distressed nonprofit asset into plans that are currently on track to become a $2.3B master-planned community in the heart of San Francisco, just three blocks from City Hall—an enduring model for economic self-sufficiency, equitable development, and cultural resilience. By preserving affordability and empowering ownership, we delivered a replicable blueprint for how commercial real estate can be transformed into economic engines of prosperity for legacy communities without displacement of their existing residents.
Client Testimonial
“LegacyFirst literally saved us from losing Freedom West and having 1,000 residents displaced. They helped us triple our net operating income on our existing property in five years. And we’re now on the pathway to build brand new units for our residents and create ongoing term cashflow that will allow us to be economically self-sufficient and ensure we can serve our residents and the surrounding community for generations to come.”
Mattie Scott, President, Freedom West Homes Corp
Watch the award-winning 7-minute mini documentary “Re-Imagining Freedom West” Narrated by Danny Glover
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