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Committee approves disposition of Transbay Block 1 land to Tishman Speyer affiliate with BMR protections
Summary
The committee approved forwarding a disposition agreement transferring OCII-owned Block 1 land to a Tishman Speyer affiliate for a 391-unit mixed-income ownership project with 40% affordable units (156 units) and negotiated protections including a $225,000 homeowner-association dues assistance fund for BMR owners.
The Land Use and Transportation Committee voted to forward to the full Board a resolution approving the disposition of OCII land in the southern third of the block bounded by Howard, Spear, Folsom and Main Streets (Assessor Block 3740, Lot 027) to Block 1 Property Holder LP, an affiliate of developer Tishman Speyer, for construction of a mixed‑income homeownership project.
Project staff said the approved development program calls for 391 units, with 40 percent (156 units) designated as affordable. The transcript stated 80 of the affordable units are in the tower and townhomes funded by the developer, and 76 are in the podium. OCII will provide a subsidy of $19,180,000 for…
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