A new funding milestone has been announced for Freedom West 2.0, a master plan to right the wrongs of 20th-century urban redevelopment in San Francisco’s Fillmore District. The $27 million secured to date comes a month after a new state bill has created a new pathway to finance the project. The development team includes MacFarlane Partners and Avanath Capital Management.
Permits are approved, and construction was expected to start two years ago, but now the site remains undisturbed while the project developer has received an extension for two loans totaling $80 million. Both JPMorgan Chase Bank and United Overseas Bank have pushed the deadline for Hines through October for two $40 million loans pertaining to the 61-story proposal at 550 Howard Street in SoMa, San Francisco. If built today, the mixed-use tower could become the fourth tallest tower in the city.
The official groundbreaking ceremony was held yesterday afternoon for Potrero Block B, phase two of the Potrero HOPE SF masterplan at 1801 25th Street in Potrero Hill, San Francisco. Construction will create 157 affordable homes, of which most will be dedicated to existing Potrero Public Housing residents. BRIDGE Housing is the project’s developer.