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Board approves land dedication deal to convert 101 Hyde into 87 permanently affordable units
Summary
Supervisors unanimously approved an agreement that waives inclusionary requirements for a Market Street project in exchange for dedicating 101 Hyde Street to the Mayor's Office of Housing for development of permanently affordable housing and providing $6.5 million in development funds.
The Board of Supervisors unanimously approved legislation allowing a Market Street development sponsor to waive inclusionary requirements for a project at 1066 Market Street in exchange for dedicating the nearby 101 Hyde Street parcel to the city for the construction of 87 permanently affordable units.
Supervisor Jane Kim, who brought the item forward, described the result as a community-driven deal: a fully entitled market-rate site at 1066 Market will proceed while the former post office at 101 Hyde ' a site important to Tenderloin residents for mail access ' will be transferred to the Mayor's Office of Housing and Community Development (MOHCD) for a solicitied nonprofit developer to build 87 affordable units. The developer sponsor committed an additional $6.5 million for future development costs.
The ordinance as passed includes a waiver of the inclusionary requirement for 1066 Market in exchange for the land dedication and an exemption for a defined amount of floor area from floor-area-ratio calculations and transferable-development-rights purchase requirements. Supervisor Kim said the deal prioritized on-site affordable housing and provided a path to make the Hyde Street site shovel-ready with interim activation options (she noted a food hall as a possibility).
Kim thanked numerous stakeholders and agencies for negotiating the complex transaction, including the Tenderloin Neighborhood Development Corporation, Hospitality House, Mayor's Office of Housing, the planning department, the Department of Real Estate, and project sponsor Shorenstein.
The board approved the measures without objection on the first reading.
