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Commission approves $1.5M additional predevelopment loan for Mission Bay South Block 9A
Summary
The commission authorized a $1.5 million additional predevelopment loan (total not to exceed $5 million) to 350 China Basin Partners LLC for construction of 148 affordable homeownership units at 400 China Basin St. Commissioners pressed staff on AMI targeting, HOA dues risk, outreach to historically displaced communities and project schedule.
The Commission on Community Investment and Infrastructure voted Tuesday to provide an additional $1.5 million in predevelopment funding for the Mission Bay South Block 9A housing project, bringing the agency’s total predevelopment loan to $5 million.
Pam Sims, senior development specialist in OCII’s Housing Division, told the commission the funds will cover architecture, engineering, environmental work and an “indicator pile” program to assess subsurface conditions; the project team estimates the additional work will total roughly $1,580,000 including $80,000 in deferred soft costs. Construction is expected to start in April 2022 with completion targeted for early 2024.…
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