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OCII approves schematic design and ground-lease option for 119-unit Mission Bay veterans and family housing
Summary
The successor agency approved schematic design and an option to a ground lease for a 119-unit affordable rental development at 1150 Third Street, Mission Bay South Block 3 East, prioritizing 62 supportive units for formerly homeless veterans and 56 family units; staff set design conditions and a financing schedule.
The Successor Agency to the San Francisco Redevelopment Agency on Oct. 18 conditionally approved the schematic design for a 119-unit affordable housing development at 1150 Third Street in Mission Bay South and authorized an option to a 75-year ground lease to enable site-control demonstrations needed for state tax-credit and bond applications.
OCII staff presented the project as two actions: item 5A to adopt environmental review findings and conditionally approve a combined basic concept and schematic design, and item 5B to authorize an option to ground lease with MB3E LP (a developer affiliate). Development Specialist Ben Brandon told commissioners the proposal includes 62 units for formerly homeless veterans restricted at no more than 30…
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