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Committee recommends lease, $19.5M property‑management plan for 1321 Mission (the Margo)
Summary
The Budget & Finance Committee unanimously recommended the full Board approve a 5‑year master lease and property management agreement (with a 5‑year extension option) for 1321 Mission Street, a 160‑unit permanent supportive housing property to be known as the Margo; the agreement includes a $1/year lease and up to $19.5 million in property management costs funded by Homekey, Prop C and tenant income.
The Budget & Finance Committee unanimously voted Nov. 9 to forward a resolution authorizing the Department of Homelessness and Supportive Housing (HSH) and the Director of Property to enter into a lease and property management agreement for 1321 Mission Street, the newly acquired supportive housing building the department will call “the Margo.”
HSH Deputy Director Emily Cohen told the committee the property in the SOMA district includes 120 studio units for adults and 40 multi‑bedroom units for families, each with private bathrooms and kitchens. The…
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