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April 14, 2021
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NORTHERN CALIFORNIA NEWS
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New Residential / Retail Project Approved by San Francisco Planning Commission for City’s Mission District

3/05/21

The San Francisco Planning Commission has approved 321 Florida, a residential and retail arts project at Florida and 16th Streets in the city’s Mission District. The project is being developed by a venture between DM Development (“DM”), a San Francisco-based real estate development and investment firm, and Urban Land Development (“ULD”), also a privately owned, full-service real estate development firm based in San Francisco, and Urban Land Capital, a subsidiary of ULD that provides institutional-grade investments in Bay Area projects.

Photo: DM Development and ULD
Photo: DM Development and ULD
Located in San Francisco’s “Media Gulch” area of the Mission District, the ground-up development of 321 Florida Street will replace an underutilized parking lot with a 157.3k sf multifamily apartment building comprising 168 apartment units. As such, 145 of the units will be market rate and 23 below market -- 14 of which are intended for residents making between 50 and 55 percent of the area median income -- in a combination of 64 studios, 37 one-bedroom units, and 67 two-bedroom units.

There will also be approximately 118 bicycle parking spaces, 45 to 55 parking spaces, two of which would be for residents with disabilities and one as a car-share parking space. The parking spaces are located under the building, accessed by an automated mechanical system that stacks and stores cars to maximize the space.

Located along 16th Street in the heart of the Mission District, the property enjoys one of the most culturally dynamic and economically diverse neighborhoods, adjacent to Showplace Square and Mission Bay. The business district is home to many local retail, restaurants, arts and design businesses, along with a range of industries that include tech, life sciences, and healthcare for a number of growing companies such as Adobe, Invitae, UCSF, AirBnB, and Uber.

In keeping with ULD and DM’s commitment to supporting the local arts community, the project will feature a locally designed and installed mural on the south façade, as well as 1.3k sf of retail space on the ground floor that will be donated to Community Arts Stabilization Trust (CAST), a San Francisco-based nonprofit that acquires and preserves land for use by artists or art organizations.




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