Home News A downtown S.F. development with ‘mind-blowing’ amount of affordable housing earns approval

A downtown S.F. development with ‘mind-blowing’ amount of affordable housing earns approval

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The developers behind the Salesforce Tower in San Francisco on Thursday received approval to raise the height of the residential tower near the Transbay Transit Center. This is a skyscraper that adds 681 units to a neighborhood that is struggling to regain foothold in the post. COVID landscape.

The latest version of development (the parcel is surrounded by Beer, Howard, Maine and Folsom streets) adds about 5 floors to the tower and raises it from 450 feet to 513 feet. It also increases the bulk of the lower floors.

This Hines-led development is the most affordable home for any other downtown project, 307 units lower than the market price and accounts for about 45% of the total. This development, known as Block 4, also includes an unusual number of family-sized apartments with 52 3-bedroom units and 105 2-bedroom units.

Dougshoemaker, president of Mercy Housing, a non-profit housing developer working with Hines on the project, said:

Downtown San Francisco is approved when it is one of the lowest office occupancy rates in the United States, as the majority of workers continue to work from home comfort despite the pandemic decline.

Rendering of Block 4 development proposed in downtown San Francisco.

Hines

Kastle Systems, which monitors office building card key activity, reported that San Francisco’s occupancy rate for the week to July 13 was 38.1%, compared to 40.7% in New York, 41.8% in Los Angeles, and 58.1% in Austin. did. ..

Since the pandemic began, restaurants and retail stores have closed down throughout the financial district due to a shortage of workers and low traffic.

The development of Block 4 will be a “catalyst for revitalizing downtown San Francisco,” said Alex Torres, director of state government relations at the Bay Area Council.

Cory Smith, executive director of the Housing Behavior Coalition, called the amount of affordable homes “amazing.”

“This building, these houses are part of the city’s reconstruction strategy,” Smith said. “We all want to attract more people in downtown. One of the best ways to do that is to attract new residents.”

In addition to the 513-foot tower, which combines market-priced and affordable units, the development includes a 16-story affordable podium structure with all affordable units. At the foot of the tower, there are also 20 6-story townhouses.

This development is one of the last parts of the Transbay Transit District Plan, with millions of square feet of office space and already 2,200 homes added nearby. For redevelopment, 35% of all homes need to be affordable.

JK Dineen is a staff writer at the San Francisco Chronicle. Email: [email protected] twitter: @sfjkdineen

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