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City moves to acquire 758 Pacific and forgive part of tenant rent to advance Chinatown senior housing project
Summary
MOHCD asked the committee to approve acquisition of 758 Pacific and partial rent forgiveness for the commercial tenant at 772 Pacific to preserve a long-term development timeline for a 175‑unit senior affordable housing project; the committee forwarded both resolutions with recommended amendments for board approval.
The Mayor's Office of Housing and Community Development presented two resolutions to advance a senior affordable housing project in Chinatown by acquiring 758 Pacific (purchase price about $2.2 million) and approving a loan/ground-lease structure and a partial rent forgiveness package for the commercial tenant at 772 Pacific.
"The funding is coming together," MOHCD Director Robert Baca said. He told the committee the project had received a $32 million award from the state multifamily housing program and expected a tax credit award estimated at $75 million in early August; financing must close by February 2027 for construction to begin in March 2027.
The resolutions include transferring 758 Pacific to MOHCD for permanent affordability, raising predevelopment financing to about $13.6 million, and a commercial ground lease for community-serving space. For the commercial tenant at 772 Pacific, MOHCD proposed forgiving approximately $1.2 million of outstanding rent and reducing base rent to $5,000/month in exchange for the tenant vacating by Sept. 30, 2026; BLA noted the tenant has not paid rent since March 2020 and recommended a competitive process for selecting a future commercial subtenant.
Multiple Chinatown organizations and cultural stakeholders — including Chinatown Media and Arts Collaborative, Chinese Culture Center, Chinatown CDC, and community leaders — spoke in support of preserving the New Asia Banquet Hall and keeping the family partner engaged in the redevelopment. The committee accepted department amendments (including a clerk notice and a Jan. 15, 2027 report-back) and forwarded both items to the full board with a positive recommendation (roll call: Sauter, Chen, Dorsey — 3 ayes).
BLA recommended the board require MOHCD and CCDC to undertake a competitive procurement for the future commercial tenant and requested documentation be finalized and filed for the rent‑forgiveness agreement.
