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Supervisors weigh selling War Memorial transferable development rights; vote to continue for review
Summary
City staff sought authority to sell up to 1.1 million square feet of transferable development rights (TDRs) from the War Memorial to fund restoration, set a $25-per-square-foot minimum and a 550,000-sq-ft reauthorization trigger; preservation advocates urged more review and the committee continued the item to the next meeting.
Mr. Updike, speaking for city property management, asked the Budget & Finance Committee for one-time authority to sell up to 1,100,000 gross square feet of transferable development rights (TDRs) from the War Memorial Complex at 301–401 Van Ness to raise revenue for a planned $154 million restoration. "TDR is unused development rights from historically significant buildings that can be transferred through sale to a developer," Updike said, describing the mechanics and…
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