New permits have been filed for a 26-story residential infill at 896 Folsom Street in SoMa, San Francisco. The project aims to reshape a small tenth-acre parcel with over a hundred homes and retail at the corner of Folsom and Fifth Street. FORMA Development Design & Management is responsible for the application. Earlier this week, YIMBY covered similar plans by the same developer at 777 Sutter Street.
The 240-foot tall building is expected to yield around 102,600 square feet, with 90,180 square feet for housing, 11,600 square feet of parking, and 824 square feet of ground-level retail. Of the 125 units, there will be 58 studios and 67 three-bedrooms. Parking will be included for 30 cars and 134 bicycles.
Speaking with YIMBY, FORMA Development Design Management founder, Walid Mando, expressed that “both proposed projects were designed to enhance the neighborhood by respecting its history and contributing to its future.” The projects aim to align with City and State pro-housing laws. Given the astronomical high construction costs, the proposed projects ensure financial feasibility while helping San Francisco meet its Regional Housing Needs Allocation (RHNA) goals, which target the creation of over 80,000 new homes by 2031. At this stage, the focus is to work closely with the City to advance the approval process and the project sponsor will provide additional information as progress is made.
896 Folsom Street, image via Google Street View
Project plans have not yet been shared with the city. Mando emphasized that the proposal is in a preliminary stage, and the team is awaiting feedback from the city and community to finalize details.
City records show the property was constructed in 1998 and last sold in July of 2008 for $2.05 million. The small 0.092-acre property is located at the corner of 5th and Folsom Street, close to Clementina Street. Future residents will be a block from the 5M master plan by Brookfield and Hearst. Two blocks away, residents will find the Metreon and Yerba Buena Gardens. For regional transit, the Powell Street BART Station is less than ten minutes away on foot. Across the street, YIMBY has covered an initial proposal by JS Sullivan Development for a 16-story residential complex with up to 130 rental units at 300 5th Street, taking over plans from Realtex Group.
The developers will include 18 units of affordable housing, allowing the application to benefit from several state laws. Assembly Bill 2011, which passed in 2022, allows the team to pursue the project with a ministerial review for mixed-income housing on commercial-zoned land. Assembly Bill 1287 allows the project to stack the State Density Bonus program to increase the potential residential capacity by 100%. Lastly, Senate Bill 423, formerly known as SB35, provides a streamlined approval process in jurisdictions that do not meet State housing goals.
According to a project application, Forma is anticipating construction to start by next year, with construction to cost at least $40.5 million. The cost does not include all development costs.
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