The San Francisco Board of Supervisors is scheduled to vote later today to provide a $115.8 million construction loan for affordable housing at Transbay Block 2 East. The proposal is expected to rise 17 stories tall and bring 184 below-market-rate rental apartments to 200 Folsom Street in the heart of the densely-developed Transbay neighborhood. Mercy Housing is the project sponsor.
Transbay Block 2 East seen from Main Street and Clementina Street, rendering by Kennerly Architecture & Planning
The City is expected to enter the funding loan agreement with Mercy Housing, loaning $115,845,218 for the construction project. The financing is over half the estimated total budget of $189 million, averaging nearly $1.03 million per unit.
Once complete, the 165-foot tall structure will yield around 200,000 square feet, with 134,600 square feet for housing, 6,040 square feet for amenities, 1,960 square feet for community-serving retail, and 6,480 square feet for a childcare facility serviced by Wu Yee. Kennerly Architecture & Planning is responsible for the design, with Y.A. Studios as the associate architect.
Transbay Block 2 East street activity, rendering by Kennerly Architecture & Planning
Unit types will vary, with 17 studios, 76 one-bedrooms, 54 two-bedrooms, and 37 three-bedrooms. Two of the apartments will be reserved for on-site managers. Residential amenities will include some multipurpose community rooms, laundry, a dog washing station, and a rooftop deck.
The Supervisors are expected to meet this afternoon, April 23rd, starting at 2 PM. The event will allow public participation in-person at the Legislative Chamber in City Hall, while viewers have the option to watch the event online. For more information, visit the meeting agenda here.
Housing construction is expected to start next month and finish within two years. During a site visit two weeks ago, YIMBY saw that site work was well underway at Transbay Block 2, though, unfortunately, the images were erroneously deleted. Crews have removed all prior structures and surface paving from the temporary bus terminal that operated at the block, and no digging was observed.
Transbay Block 2 West aerial perspective, rendering by Mithun
Transbay Block 2, 3, and 4, image via OCII and the city
Mercy Housing’s project will rise next to Transbay Block 2 West, an eight-story affordable senior complex led by the Chinatown Community Development Center. Both below-market-rate projects will occupy a third of the city block once occupied by the temporary Bus Terminal that operated while crews worked on the Pelli Clarke Pelli Architects-designed Transbay Transit Center.
Swinerton and Rubecon will be the general contractors for Block 2 East via a joint venture.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
It funny how the City is now a bank. What makes more sense than spending money on building affordable housing a over $1 million per unit, buy some of the units at hunters point for 400K-500K. There are thousands of homes for less than 1 million they can buy.
Hunter’s Point is not downtown area where it is close to public transit from all directions.
Hunters Point has the #19, 54 and 23 bus routes. Twice as much housing can be built there for the same price. Affordable housing does not need to be built on the most expensive land in the city.
48hills org/2024/04/breeds-treasure-island-developer-bailout-is-a-serious-problem/
BREED IS A LIAR.
NEVER BELIEVE YIMBY BS, FOLLOW THE MONEY.