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City to transfer Parcel E to Mayor’s Housing Office to advance affordable housing trades with SFUSD
Summary
The Board approved a jurisdictional transfer of Parcel E (former Central Freeway land) from the Real Estate Division to the Mayor’s Office of Housing and Community Development to facilitate property exchanges with San Francisco Unified School District that will help create affordable housing at sites including 1950 Mission and 1101 Connecticut; the transfer was amended to be contingent on a finalized agreement to be returned to the Board.
The committee approved a jurisdictional transfer of a former Central Freeway parcel (Parcel E) to the Mayor’s Office of Housing and Community Development to support forthcoming property-exchange transactions with the San Francisco Unified School District.
John Updike, the city’s Director of Real Estate, said Parcel E is roughly two-thirds of an acre and that the valuation used a combination of discounted lease revenues and reversion value to arrive at a transfer amount of about $4.584 million. The Mayor’s Office expects to use Parcel E plus additional funds to acquire two properties (1950 Mission and 1101 Connecticut) as part of an affordable-housing strategy that will be returned to the Board for final approvals.
Budget staff recommended the resolution be amended so the Board would see the finalized agreement and the committee adopted that amendment. The school district’s governing board had approved the related transaction the night before by unanimous vote, according to city staff. The full related transaction (purchase agreements and exchanges) will come back to the Board for final action.
