Tenderloin developer puts down $5.5 million on site for 80 units
From today's San Francisco Business Times,
Tenderloin Neighborhood Development Corp. is snapping up a Mission Street parcel for $5.5 million and plans to develop 80 units of affordable family housing there.Tenderloin developer puts down $5.5 million on site for 80 units [SF Business Times]
The 15,000-square-foot site, 1036-1040 Mission St., sits between Sixth and Seventh streets, a long-depressed part of the Mid-Market neighborhood that has seen considerable investment over the past two years. It was owned by Skyline Investments, a company owned by the Lembi family, which is being sued by the city for violating housing laws.
Nick Griffin, a senior project manager with nonprofit TNDC, said it's getting increasingly difficult to tie up development parcels for below-market projects. In addition to the SoMa Grand, a high-end 22-story highrise AGI Capital and TMG are developing at Mission and Seventh streets, national developers Crescent Heights and Forest City are looking at condo developments in the neighborhood.
"It's competitive and sites are scarce," said Griffin. "We feel that when someone like Skyline gives us the opportunity to tie up a site, we don't have the luxury to dicker around with it. We need site control as quickly as possible."
About 20 percent of the project will be set aside for the formerly homeless. The project will include 13 one-bedroom, 50 two-bedroom, and 15 three-bedroom units. Rents will be pegged at 30 percent of median income. [more...]
Tenderloin Neighborhood Development Corporation (TNDC) [official site]
New Housing Complex Offers Positive Change For The Tenderloin [SFHomeBlog]
Construction to begin on Tenderloin center [SFHomeBlog]
Condos, offices drive Mid-Market ‘revitalization’ [SFHomeBlog]
SOMA Grand [official site]
posted by Matt Lanning @ 11:05 AM
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3 Comments:
What are your thoughts on the "revitalization" of the tenderloin and Mid Market area? Great location--and plenty of available space. But can the demand for centrally located housing (at a relatively reasonable price) outweigh the traditionally depressed and crime-ridden area? Are a few new cool bars/restaurants a sign of a trend just a red herring?
A few years ago when the Four Seasons went in, it seemed like it might take a while, but now the Federal Building is finishing up and the new Trinity Plaza, SOMA Grand, and many other housing projects are approved. Much (but not all) of this will be market-rate housing, and I can see the new residents doing what they can to clean up the streets and make them safer (or put pressure on the city to do so).
At the same time, look for many of the folks who are currently living in that area to be placed in some of the affordable housing that's being built, so we won't have a complete change of the demographics there. Just the addition of more market-rate renters and homeowners.
And of course with new residents will come new amenities. There are already some great merchants in that area, and more will come to fill up the vacant spaces as there is more neighborhood demand for services.
This won't happen overnight, but it's the housing that will bring the change, just like it has in South Beach, although I'd say it'll be late-2008 or 2009 before we see much of a noticeable difference (other than lots of cranes and construction trucks).
And hopefully we'll have Rob Black as the District 6 Supervisor to help make all of this come together. Not just housing and amenities for the less-fortunate, but for everyone at all economic levels.
I live in the area, and the architecture has changed dramatically in the last 8 years, but the 'flavor' of the area has stayed pretty much static. I'm staying because my housing costs are so low and it's a great location. Not a great neighborhood. I am strongly in support of Rob Black also and hope there is something that can be done about the fact that I have to hold my nose to walk the 7 minutes to see a movie at the Metreon.
That being said, a new park is going in on Folsom, Bloomingdales is about to open, the new Hotel Intercontinential is going up...and the pressure to 'clean up' 6th Street continues.
I say if you are going to invest in the area be prepared for grit and make sure you are getting an excellent price compared to four blocks closer to the Embarcadero.
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