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Planning Commission approves Parcel F deal that directs an in-lieu fee to fund Transbay affordable housing
Summary
The Planning Commission approved a development agreement allowing Transbay Parcel F (542–550 Howard St) to pay 150% of the usual affordable-housing fee into an OCII-managed fund, a payment sponsors estimate will exceed $45 million and could support roughly 170–235 below-market-rate units at Block 4.
The San Francisco Planning Commission on Jan. 28 approved a development agreement for Transbay Parcel F that replaces an on-site affordable housing obligation with a negotiated in-lieu fee. Planning staff and the project sponsor told commissioners the change is a technical one intended to make financing feasible and to speed construction.
Nick Foster of planning staff said the Parcel F project is materially unchanged from earlier approvals and includes 165 housing units, a 189-room hotel and about 275,000 square feet of office. Sponsor CJ Higley said delivering Parcel F and the…
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