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Board approves redevelopment ground lease to preserve 81 affordable senior units at Eddy and Turk
Summary
The board voted to approve a long-term redevelopment ground lease to a Tenderloin Neighborhood Development Corporation affiliate to preserve 81 affordable units for seniors and people with disabilities. The lease spans 55 years with an option extending it to 99 years.
The San Francisco Board of Supervisors approved a redevelopment ground lease on Dec. 8 to preserve 81 affordable housing units for seniors and persons with disabilities at property in the Tenderloin.
Olson Lee, deputy executive director of the Redevelopment Agency, described the transaction as a long-term lease of agency-acquired land to a limited partnership whose managing general partner is affiliated with the…
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