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Commission approves ground lease for 200-unit Mission Bay affordable housing at 588 Mission Bay Blvd N
Summary
The commission authorized a 75-year ground lease with Mission Bay Block 7 Housing Partners LP for a 200-unit affordable rental building at 588 Mission Bay Boulevard North; commissioners pressed staff to strengthen the developer's forthcoming marketing plan to reach certificate-of-preference holders and nearby residents.
The Commission on Community Investment and Infrastructure voted May 5 to authorize a long-term ground lease that enables development of 588 Mission Bay Boulevard North, a 200-unit affordable rental project known as Mission Bay Block 7 West. Pam Sims, OCII development specialist, told the commission the partnership includes Related Companies of California and Chinatown Community Development Center and that the project has previously received predevelopment approvals and gap financing commitments.
Project basics: Pam Sims said the building will contain about 200 affordable rental units (including two manager units), roughly 230,000 square feet of building area, a 10,000-square-foot…
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