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OCII approves option agreement with F4 Transbay Partners for Block 4, citing 45% affordable housing pledge
Summary
The Commission on Community Investment and Infrastructure on April 19 approved an option agreement with F4 Transbay Partners allowing the developer to purchase Block 4 for up to $45 million, subject to a Board of Supervisors fair‑market determination; the team pledged to subsidize up to 45% affordable units.
The Commission on Community Investment and Infrastructure approved an option agreement with F4 Transbay Partners on April 19 to allow the developer to purchase Block 4 in the Transbay Redevelopment Project Area, staff said at the meeting.
Deputy Director Sally Orth told commissioners the option sets “the terms for a specific price, $45,000,000 subject to other terms and conditions,” and includes a $500,000 deposit from the developer and an additional $100,000 available to the agency. Orth added the agreement allows a $3,000,000 discount to the purchase price if the parcel transfer is delayed past June 2018 due to site availability.
Orth said the developer has agreed to “subsidize up to 45% affordable housing in this project,” which staff characterized as the highest…
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