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SAN FRANCISCO-The Related Cos. of California is developing a $45-million, 236-unit affordable housing complex in Mission Bay, a master planned growth area located south of the Financial District. The new complex, Mission Bay Apartments, will represent the first affordable housing units to come on line under the master plan, which calls for 6,000 housing units and five million sf of office space.
A CharterMac subsidiary is providing $19 million in equity financing for the project in exchange for the tax credits generated by the development. The San Francisco Redevelopment Agency is providing a $3.6-million, 55-year cash flow mortgage. Completion of the new complex is expected in the first quarter of 2007.
The Mission Bay Apartments will be situated on 3.75 acres at 420 Berry Street, 1.5 miles south of Downtown. The development will consist of two low-rise buildings, one traditional four-story building and one three-story structure in a "row housing" configuration with townhouses over studios.
The buildings will contain a mix of studio, one- and two-bedroom apartments and two-bedroom townhouses ranging in size from 422 sf to 868 sf. The majority of residences are targeted toward residents earning 60% or less of the area median income, with rents beginning at $799 per month.
The goal of the Mission Bay master plan is to create a mixed-use, mixed-income community that will include 6,000 apartments and condominiums; five million sf of office and cultural centers; a hotel with 750,000 sf of retail space; 49 acres of public parks; and a new 43-acre University of California San Francisco Research Campus.
According to the National Low Income Housing Coalition, a resident would have to earn over $29 per hour, or more than five times the minimum wage, to afford the average two-bedroom apartment in San Francisco, the highest rate of any metropolitan area. The Mission Bay master plan calls for more than 25% of the new apartments to be affordable housing.
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