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Committee backs sale of City Hall transferable development rights to fund preservation
Summary
The committee recommended selling up to 1.2 million square feet of City Hall transferable development rights (TDRs) with a base price of $37.50 per square foot and dynamic pricing, directing proceeds to City Hall rehabilitation projects including dome revitalization and exterior repairs.
The Government Audit & Oversight Committee on Oct. 7 voted to recommend a resolution authorizing the sale of up to 1,200,000 gross square feet of transferable development rights (TDRs) from San Francisco City Hall.
Andrico Penick, the director of real estate, explained the City Hall TDR program and the planned sales structure. "The base price for the City Hall TDRs will be $37.50 per unit," Penick said, describing a dynamic pricing schedule that increases if market demand reaches higher sales thresholds and a projected…
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