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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 Tenderloin Neighborhood Development Corporation (TNDC). The lease is structured as a 55-year ground lease with an option to extend an additional 44 years, producing a total potential term of 99 years, Lee said. "The purpose of the lease is to facilitate the acquisition and preservation of 81 affordable units for seniors and persons with disabilities," Lee said.
Don Falk, executive director of TNDC, told the board the buildings will be renovated and preserved for frail elderly residents and thanked agency staff for their work. "Through the redevelopment agencies' participation and TNDC's work to renovate the buildings, we'll be preserving the housing for 80 seniors, many of them frail elderly," Falk said.
The board first voted to sit as a Committee of the Whole to hold the required public hearing; no members of the public spoke in opposition. After the public hearing, the resolution approving the lease was adopted; the roll call shows the measure passed unanimously with 11 ayes.
Redevelopment staff said the lease rate is favorable and structured so payments are payable only to the extent there is cash flow from the property, with the aim of keeping the project financially feasible. Agency and TNDC staff were present to answer follow-up questions from supervisors.
