San Francisco’s latest housing development for the Transbay area cleared a hurdle Tuesday.
The Board of Supervisors unanimously approved a financing plan from the Mayor’s Office of Housing for the construction of 430 units, developed by Related California and Tenderloin Neighborhood Development Corporation, which won a request for proposal.
Funding for the developments includes $263 million in qualified mortgage revenue indebtedness for 450 Folsom St. and $19 million for the portion of the project located at 250 Fremont St. through the Mayor’s Office of Housing, both within blocks of the new Transbay Transit Center.
Related California will construct a 55-story story, 350 rental unit building at 450 Folsom St., including 279 units of market-rate apartments and 71 affordable rental units, and Tenderloin Neighborhood Development Corporation will construct 80 affordable rental units at 250 Fremont St., under an agreement with the Office of Community Investment and Infrastructure, which oversees the Transbay redevelopment area.
The project also includes an additional 116 market rate condominiums, also in the 55 story building.