MEDA in Escrow to Purchase Iconic 1914 Redstone Building in the Mission

MEDA in Escrow to Purchase Iconic 1914 Redstone Building in the Mission

Christopher Gil
Associate Director of Marketing and Communications
Mission Economic Development Agency (MEDA)
(415) 282-3334 ext. 152
cgil@medasf.org

FOR IMMEDIATE RELEASE
September 12, 2018

MEDA in Escrow to Purchase Iconic 1914 Redstone Building in the Mission
Goal to preserve San Francisco’s cultural identity, but $7 million financing gap must be closed

San Francisco — The nonprofit Mission Economic Development Agency (MEDA) has announced that it has competed aggressively to be in escrow to purchase the 55,000-square-foot Redstone Labor Temple, located in the heart of the Mission District at 2926 16th St. The Redstone is San Francisco Historical Landmark #238 and is home to longtime cultural organizations relying on the affordable rents to serve the diversity of San Francisco.

Explains MEDA Senior Project Manager Feliciano Vera of the importance of this prospective purchase: “San Francisco cannot afford to lose this vital asset. The Redstone features 35 tenants, running the gamut from a Spanish-language radio station and an advocacy and support organization for transgender Latinas to the renowned art group The Lab and community-based organizations providing critical homeless support services. Such organizations have been serving the Mission, and beyond, for many years. The building is a microcosm of that for which San Francisco has long stood — arts, labor, activism, community — and must be preserved.”

Echoing these statements is longtime Redstone tenant Kerry Laitala, “I’ve been screening moving image works and doing live performances at Artists’ Television Access for over 20 years. I moved into my Redstone studio in 2016 after having been evicted, along with 42 other artists, from SoMa Artists’ Studios, which now houses a biotech company.”

To make this deal a reality, MEDA is actively exploring governmental and philanthropic financing options.

A first round of inspections by MEDA revealed significant structural and maintenance issues that must be immediately addressed by any prospective new building owner. The Redstone’s rehabilitation includes the need for: repointing of the brick facade, plus steel supports of the dual sections of the edifice; a brand-new roof; window replacement; water-damage abatement; revamped bathroom plumbing; and ADA-compliance implementation.

By the end of 2018, MEDA needs $7 million in financing to acquire the Redstone at a market competitive price. This investment will preserve the Redstone as a permanent center for cultural resources, and at affordable rents.

If you can lend such support, please contact MEDA Senior Project Manager Feliciano Vera: (415) 282-3334 ext. 127; fvera@medasf.org.

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About Mission Economic Development Agency (MEDA)
Rooted in the Mission and focused on San Francisco, MEDA’s mission is to strengthen low- and moderate-income Latino families by promoting economic equity and social justice through asset building and community development. medasf.org

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