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OCII approves amendment to Mission Bay North OPA to allow 45 moderate‑rate rental units on Block N4P3
Summary
The commission approved a Fifth Amendment to the Mission Bay North Owner Participation Agreement to permit Block N4P3 to be developed as a 129‑unit project with 45 moderate‑rate rental inclusionary units (at up to 120% AMI) and 84 market‑rate rental units; staff said the change is driven by financing feasibility and site constraints, while some housing advocates urged preserving lower AMI targeting and nonprofit partnerships.
The Commission on Community Investment and Infrastructure conditionally approved an amendment to the Mission Bay North Owner Participation Agreement (OPA) for Block N4P3 that changes the remaining inclusionary requirement from 80 for‑sale moderate units to 45 moderate‑rate rental units and 84 market units. The amendment raises the OPA’s moderate AMI threshold from 110% to 120%, and staff said the change is necessary to make development financially feasible without a substantial public subsidy.
Catherine Riley, Mission Bay project manager, told the commission that the Concord Group’s feasibility study concluded that building 80 moderate‑rate for‑sale units on…
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