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San Francisco Acquires Res Dev Site for Affordable Housing Project

4/08/20

The City of San Francisco has acquired a 0.27-acre mixed-use development site on two parcels from Sheet Metal Workers Local 104 Union Hall in a transaction valued at $12 mil. The City plans to develop new affordable housing on the site that upon completion will be transformed into a mixed-use development with expansive ground-floor activation opportunities. Sheet Metal Workers also agreed to lease-back the property for 24 months.

Located at 1939 Market St, at Duboce Ave, the site currently consists of a surface parking lot and a two-story office building (union hall) that would be demolished to develop the new housing project. According to the Mayor's Office, the planned project would provide 100% permanently affordable housing and would likely serve low-income seniors.

The site is located at the nexus of Hayes Valley, Duboce Triangle and Mission Dolores and its zoning allowance places no limits on unit-density and allows for the construction of structures up to 85-feet in height.

The city is acquiring the property with funds from the Educational Revenue Augmentation Fund (ERAF) and would draw from the $600 mil Affordable Housing Bond passed in November to finance the construction of the housing project.

Jason Parr, Mark McGranahan and Scott MacDonald with Cushman & Wakefield represented the seller in the transaction.

“San Francisco’s housing crisis coupled with statewide efforts to stimulate dense housing development near transit services, made 1939 Market Street an ideal site for a new housing project,” said Parr. “Further, the property is also just a few blocks from Highway 101 and surrounded by nationally recognized retailers.”







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