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Oceanwide Center agreement directs about $40 million to a new Downtown Neighborhoods Preservation Fund
Summary
The commission reviewed code and administrative changes tied to the Oceanwide Center that would redirect roughly $27M in waived fees plus a $13M voluntary payment into a downtown preservation fund to buy and rehabilitate permanently affordable housing within a one‑mile radius; project proponents and Chinatown groups urged approval and the commission recommended moving the ordinance along.
City staff and the Oceanwide project team asked the Planning Commission June 2 to review proposed planning and administrative code amendments tied to the large downtown Oceanwide Center project. The ordinance would create a Downtown Neighborhoods Preservation Fund and redirect roughly $27 million in waived affordable‑housing/job linkage fees and an additional $13 million voluntary payment associated…
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