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Commission approves small-package revisions to 1629 Market Street project to preserve affordable credits
Summary
To preserve affordability at South Beach Marina Apartments and advance project financing, the commission approved modifications to the 1629 Market Street development allowing use of previously negotiated affordable housing credits; supporters said the change helps close financing gaps and preserves affordability.
The Planning Commission approved amendments to the development agreement for the 1629 Market Street mixed-use project to permit use of affordable housing credits previously negotiated with the city. Planning staff and project sponsor Michael Cohen (Strata Investment Group) said the change helps move the project forward by meeting a financing partner’s condition while preserving affordability levels at the nearby South Beach Marina Apartments.
Staff described the project scope — rehabilitation of the Civic Center Hotel, new construction of multiple buildings, a dedicated affordable-housing building and public open space — and said the revisions are limited to accommodating the transfer and use of affordable-housing credits to preserve existing affordability in another property. South Beach residents and housing partners including the Community Housing Partnership and union partners testified in support, calling the agreement historic for preservation of existing affordable units and for enabling supportive housing development.
Commissioners praised the creative financing approach; the motion to approve the requested modifications passed unanimously 7–0. Staff will incorporate the modification into the development agreement and related approvals.
Project sponsors noted the deal includes private funding and partner commitments to several community benefits, including a park and open space as part of the site design.
