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OCII approves 90-day extension for Transbay Block 4 while staff reviews lower-affordability proposal
Summary
The commission authorized a limited extension to Sept. 30, 2021, for F4 Transbay Partners' option on Block 4 to allow staff to analyze a revised proposal that reduces deeply affordable units from the term sheet's 49% target to about 40%; vote was 4-1.
The Commission on Community Investment and Infrastructure voted June 15 to authorize a 90-day extension of the option agreement for Transbay Block 4, giving staff until Sept. 30, 2021 to complete a review of a revised housing proposal from F4 Transbay Partners.
Kim Obstfeld, OCII development specialist, told the commission the developer submitted a revised proposal on June 4 that reduces the share of deeply affordable units compared with the original 2018 term sheet. The term sheet had envisioned 49% affordability for the parcel; the developer's March submittal showed roughly 39% and the most recent proposal is approximately 40%.
Obstfeld noted OCII has a legal obligation to ensure a minimum of 35% of new residential units in the Transbay redevelopment project area are affordable to low- and moderate-income households and said the…
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