New reporting by the San Francisco Chronicle shows plans for the residential tower at 98 Franklin Street are increasing residential capacity to 385 units in a deal with the city’s Board of Supervisors that will include a new affordable housing property bought by the developer for the city. The agreement was made between Supervisor Dean Preston and the developer, Related Companies.
The Chronicle has shared that the new height will reach 400 feet tall, 35 feet higher than initially planned. An additional 40 dwelling units will be created inside the tower. To sweeten the deal, Related has agreed to provide $1 million for the city to develop Parcel K in Hayes Valley, located at the corner of Octavia Boulevard and Hayes Street. The city has expressed interest in replacing the vacant lot, currently used as a temporary restaurant and retail space, with 54 affordable housing units. The property was made vacant after the removal of the Central Freeway which was damaged during the Loma Prieta earthquake of 1989.
In addition to helping on Parcel K, Related Companies will purchase the former McDonald’s property at 600 Van Ness Avenue for the Mayor’s Office of Housing and Community Development. Plans were first introduced in 2015 to develop 168 affordable units at the site. The acquisition of the project will also offset the full market rate site, avoiding the $6.5 million fees that Related would have needed to pay.
The increased density is included to make the project more feasible to build. Related emphasizes that construction costs have risen by half since the firm finished work on 1550 Mission Street, located close to the 98 Franklin Street site.
The property was purchased in 2012 by the French-American International School. The school partnered with Related to develop a 400-student institution at the base of the residential tower. The ground level will also include some retail.
Skidmore Owings & Merrill is the building architect. Initial plans show a butterfly floor plan with angled windows for a dynamic curtain-wall tower design. The podium, which the international school almost entirely occupies, will balance floor-to-ceiling windows and natural stone.
On Twitter, Supervisor Dean Preston describes the proposed legislative package as a “win-win-win” for creating a new school, affordable housing, and jobs for San Franciscans. Preston went on to say “the City should aggressively pursue site acquisitions for affordable housing.” The agreement is expected to get three stalled development with a combined 607 units moving toward construction.