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Planning Commission grants two‑year extension for 1 Oak/1540 Market; developer pledges $45M in impact payments
Summary
The commission approved a two‑year extension for the 1 Oak (1540 Market) entitlements, allowing the developer more time to secure financing and start construction. Developer Lou Vasquez said the project will deliver a public plaza and roughly $45 million in contributions including $30M for affordable housing.
San Francisco — The Planning Commission on Jan. 16 approved a two‑year extension of entitlements for the 1 Oak project at 1540 Market Street, allowing the developer more time to complete design and pull site permits. The motion passed unanimously.
Lou Vasquez, a partner at Build, told the commission the project — previously approved on June 15, 2017 — needs more time to attract capital and that the team now has an investor under contract. "We're merely…
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