Developer presents large Seawall Lot 330 proposal; unions, port and community express support
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Summary
Strata Investment Group presented an informational SB 423/SB 330 application for Seawall Lot 330 (555 Beale), describing a mixed‑income project with 619 units, a separate 100% affordable parcel and an estimated $60–$70 million in infrastructure financing for waterfront resilience; unions and trade organizations voiced strong support for jobs and inclusionary housing.
A developer briefing on Jan. 15 outlined plans for Seawall Lot 330 (555 Beale), a high‑profile waterfront housing proposal that sponsors say will deliver significant housing, union construction jobs and funding for seawall and waterfront infrastructure.
Jesse Blount of Strata Investment Group told the Planning Commission his firm has built about 1,000 units in San Francisco over the last four years and is proposing an SB 330 application for a mixed‑income building that would contain 619 units with 15% inclusionary affordable units. Blount said a companion SB 330 application for a separate 100%‑affordable project on an adjacent parcel is planned.
Wyatt Donnelly Landolt of the Port of San Francisco described the project's anticipated fiscal benefits, saying it would generate about $1.5 million to $1.8 million annually for the port and create a financing mechanism expected to yield roughly $60–$70 million for waterfront infrastructure and sea‑level‑rise adaptation.
Labor groups and construction trades offered near‑unanimous support in public comment, citing thousands of union jobs, apprenticeship opportunities and local hiring. Brandon Bracamante of Sprinkler Fitters Local 43 said the development would provide more than mandatory affordable housing and create “real public benefit.”
Commissioners asked detailed questions about unit mix and family‑sized units, traffic and access (Beale versus Bryant), sea‑level‑rise resilience funding and a potential legal tension with Proposition B (waterfront height limits). Deputy City Attorney Kristen Jensen acknowledged there is a legal question about whether state density‑bonus law and SB 423 can override Prop B and said that will be addressed as the project advances.
Sponsor representatives said they have engaged in extensive community outreach and reduced the project’s massing since the initial RFP submittal. They expect to complete transaction documents with the port in the second quarter of the year and hope to break ground next year, pending entitlement and permitting.
