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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 with a street vacation purchase into a dedicated fund totaling about $40 million to support affordable housing near the project.
Dan Fratton, representing Oceanwide Center, told commissioners the project’s public benefits package already includes impact fees, special taxes and a parks endowment, and said the ordinance would "memorialize and make binding Oceanwide’s commitment to contribute $13,000,000 in affordable housing funding" on top of required fees. Kate Hartley from the Mayor’s Office of Housing and Community Development said the land‑dedication/fee redirection approach would yield a larger, shovel‑ready pool for neighborhood preservation and create both acquisition and rehab opportunities.
Community organizations from Chinatown and tenant groups testified in favor, saying targeted funds would help stabilize Single‑Room Occupancy and other naturally affordable buildings experiencing rapid rent pressure. Commissioners asked staff about timing and enforcement of the payments; staff said fees would be due with first construction documents as with other inclusionary and linkage fees.
The Department recommended approval and the commission voted to forward its recommendation to the Board of Supervisors.
