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Committee Sends $45M Option for Transbay Block 4 to Full Board; Developer Agrees to 45% Affordable Units
Summary
OCII staff recommended approval of an option agreement allowing F4 Transbay Partner LLC to pursue development of Block 4 for $45 million; the developer committed to provide 45% affordable housing at its cost, deposit $500,000, and the committee moved the item forward as a committee report.
The Land Use and Transportation Committee advanced an option agreement that would allow F4 Transbay Partner LLC to acquire an option on Transbay Block 4 for a purchase price of $45,000,000. Sally Orth, deputy director of the Office of Community Investment and Infrastructure (OCII), told supervisors the developer will deposit $500,000 at approval (with an additional $100,000 option available) and has agreed to provide 45% of the project's housing as affordable units without an OCII subsidy. OCII staff recommended approval after a fair market value analysis required by California Health and Safety Code section 33433.
OCII presented hypothetical…
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