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OCII authorizes option agreement with F4 Transbay Partners for Block 4 amid financing uncertainty
Summary
OCII approved an option agreement giving F4 Transbay Partners an initial six‑month exclusive option (with extensions) to pursue Transbay Block 4 while OCII and the developer monitor financing; staff cited stalled Parcel F financing, market headwinds and the need to preserve an affordable housing deal (681 units, 45% affordable).
The Office of Community Investment and Infrastructure Commission on May 16 authorized an option agreement with F4 Transbay Partners LLC that gives the developer an exclusive right to purchase and pursue development of Transbay Block 4 while the parties monitor market and financing conditions.
Kim Obstfeld, OCII senior development specialist, said the option is intended "to pause negotiations and allow time to evaluate market conditions" after the Parcel F developer’s difficulties undermined financing that originally supported Block 4. Under the option, the initial term is six months (with two available six‑month extensions and additional…
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