A housing development at 900 Folsom St. in South of Market. (Mike Koozmin/2014 S.F. Examiner)

New SoMa plan could produce $2B for SF

San Francisco hopes to change city rules for part of the South of Market neighborhood to build up to 7,500 new homes and bring in $2 billion from new development, according to a proposal released Thursday.

The Planning Department’s Central SoMa Plan focuses on the often underdeveloped or in some cases undeveloped 230-acres between Second and Sixth streets in most of the area above Townsend Street to Market Street.

The area surrounds Fourth Street, underneath which San Francisco is constructing the new Central Subway.

If adopted, the plan would triple the housing capacity allowed in Central SoMa, possibly bringing in $600 million from developers building affordable housing and $350 million in property taxes by 2040. Affordable housing is expected to make up 33 percent of new housing in the area.

The other public benefit monies would come from transit, school and other fees, according to the plan, which also calls for the creation of 45,000 jobs.

City planners released a revised draft of the plan Thursday after six years of community outreach. Current city rules would only allow for $300 million in public benefits from the area.

Just Posted

Interim DA Suzy Loftus lays out plans for brief tenure before election day

‘One week matters’: Candidate fends off criticism that appointment was simply politics

Mobile recycling program could fill the gap left by facility closures

San Francisco is hoping to launch a three-year mobile recycling program to… Continue reading

BART looking west toward Geary Boulevard in transbay crossing study

Every attempt in Bay Area history to extend BART down Geary has… Continue reading

SFUSD going back to basics with school lunches made from scratch

Upgraded culinary center could serve as model for expanded in-house food production.

Suzy Loftus sworn in as interim district attorney

Suzy Loftus was sworn in as interim district attorney Saturday morning, a… Continue reading

Most Read