5M developer alters project to include more affordable housing

 By J.K. Dineen : sfgate – excerpt

The developer of a proposed mixed-use development at Fifth and Mission streets has agreed to increase the amount of affordable housing in the project while cutting the number of parking spaces.

The new development agreement, hammered out over the weekend by Supervisor Jane Kim and Forest City Senior Vice President Alexa Arena, calls for 87 affordable apartments in a 288-unit rental building, up from the previous proposal of 58. The additional 7 percent of the units will target households earning 150 percent of area median income, about $150,000 for a family of four.

The amount of parking will be reduced from 463 to 331 spaces.

The changes come as the rezoning of the property and the development agreement was introduced at a meeting Monday at the . The deal will then move to the full Board of Supervisors for a November 17 vote. That day the board will also hear an appeal of the project’s environmental study… (more)


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