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OCII approves variation for 181 Fremont, accepts $13.85 million for area affordable housing
Summary
The Commission on Community Investment and Infrastructure conditionally approved a developer variation converting 11 required below-market-rate for‑sale units at 181 Fremont into market-rate housing in exchange for a $13,850,000 payment to OCII to fund affordable housing in the Transbay area.
The Commission on Community Investment and Infrastructure voted to conditionally approve a variation allowing the developer of 181 Fremont to convert 11 required below‑market‑rate (BMR) for‑sale units into market‑rate units in exchange for a $13,850,000 payment to OCII for affordable housing in the Transbay redevelopment area.
The change, approved after public comment and staff presentations, aims to produce more affordable units overall in the project area than the 11 on‑site BMR units would create. Christine Maher, senior real estate development specialist for OCII, described the payment as "the net additional revenue that would accrue to the developer if these 11 on‑site affordable housing units were converted to market rate units." Maher said the Concord Group’s valuation analysis formed the basis for the $13,850,000 figure.
Why it matters: Staff…
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