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OCII approves schematic design and DDA option for Transbay Block 8, clearing way for 554-unit tower with 150 affordable units
Summary
The Commission on Community Investment and Infrastructure conditionally approved schematic designs and authorized staff to exercise an option and execute a disposition and development agreement for Transbay Block 8, a mixed-income project at Folsom and Fremont Streets that includes 554 units (150 affordable) and ground-floor retail.
The Commission on Community Investment and Infrastructure voted unanimously April 21 to conditionally approve schematic designs for Transbay Block 8 and to authorize the executive director to exercise an option to purchase the site and execute a disposition and development agreement with Related California Urban Housing LLC and Tenderloin Neighborhood Development Corporation.
OCII staff described the project as a 55‑story residential tower with two podium buildings and townhomes on Clementina Street. The scheme calls for 554 total units: 404 market-rate units (a mix of for-sale condominiums and rentals) and 150 permanently affordable units, meeting the project requirement set by the RFP, staff said. The developer will pay a $2 million deposit and a fixed purchase price of $71 million, with close of escrow scheduled for Oct. 1, 2015, according to staff presentation.
Why it matters: OCII described the Block 8 approvals as the culmination of a decade of work…
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