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Successor Agency OKs exclusive negotiations with Related and TNDC for Transbay Block 8
Summary
The commission authorized the executive director to enter an exclusive negotiation agreement with Related California Urban Housing and Tenderloin Neighborhood Development Corporation to advance a mixed‑income residential project on Transbay Block 8. Staff cited a $72 million purchase price offer, a 27% affordable requirement, a $500,000 ENA deposit and a potential $2 million purchase price adjustment to accelerate the closing.
The commission authorized the executive director on June 24 to enter an Exclusive Negotiation Agreement (ENA) with Related California Urban Housing and Tenderloin Neighborhood Development Corporation (TNDC) to negotiate a disposition and development agreement for Transbay Block 8 on Folsom Street between First and Fremont.
Courtney Pash, assistant project manager for the Transbay project area, told the commission that the Block 8 RFP required 27 percent of units to be affordable (10 percent subsidized by the developer and 17 percent subsidized by OCII). Three teams responded; the Related/TNDC team received the highest score from the selection panel and the Citizens Advisory Committee recommended…
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