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Planning director signals possible revocation of unused Proposition M office allocations
Summary
Planning staff reported an analysis that may identify up to ~900,000 sq ft of unused office allocation from past approvals and said staff plans to bring an action in early fall to reclaim unused allocation if project sponsors do not voluntarily relinquish it.
In department announcements, planning staff provided an update on how Proposition M allocations will be managed and how projects will be brought forward. The director reported that an analysis of past approvals indicates there may be up to about 900,000 square feet of approved but unused office allocation—space that was approved on paper but not built to the approved envelope.
Staff described options: project sponsors could voluntarily relinquish unused allocation, or the commission could take action to revoke unused allocations. The director said staff will likely bring an action in early fall seeking to revoke unused allocations from projects that have not moved forward, to allow other projects to use that allocation.
Staff also outlined upcoming projects expected to draw on the Proposition M pool in the fall, including phases of Central Soma projects and other developments at Pier 70, Harrison (Boston property), and Transbay Parcel F; if approved as currently described, those approvals would largely deplete this year's Proposition M allocation.
Commissioners asked whether a legal opinion was required for revocation; staff responded the commission has done similar actions in the past and that revocation can proceed if sponsors do not voluntarily give up the allocation.
No formal action was taken at the hearing; staff said they would circulate a memo and return with formal proposals and documentation.
