With the relocation of existing tenants to new units at existing rents and an agreement to keep new construction replacement units rentals and bound by rental control for the life of the building the two key conditions for Board of Supervisors approval, the Development Agreement to rebuild Parkmerced over the next 30 years appears to be within reach.
Under the Development Agreement, the Developer proposes to increase residential density, provide a neighborhood core with new commercial and retail services, reconfigure the street network, improve and enhance the open space amenities, modify and extend existing neighborhood transit facilities, and improve utilities within the project site.
The project includes the retention of approximately half the existing apartments at the site. The remaining half would be demolished over time, provided these units will not be demolished until the Developer builds new units and relocates the existing tenants into these new units.
Upon completion, approximately 5,679 net new residential units would be added to the project site for a total of 8,900 residential units (1,683 existing-to-be-retained units + 1,538 newly constructed replacement units + 5,679 newly constructed units = 8,900 units). The parties have agreed that the Rent Ordinance, including the rent control provisions, will apply to the 1,538 replacement units.
The project also includes approximately 310,000 square feet of commercial use, 64,000 square feet of recreational/fitness center/community center use, 100,000 square feet of building and property maintenance use, 25,000 square feet of educational use, and newt new off-street parking for up to 6,252 vehicles…
This afternoon San Francisco’s Land Use and Economic Development Committee will review the proposed ordinace approving the Agreement and decide if it’s ready for the Board’s vote.
∙ Parkmerced’s Proposed Urban Design, Open Space, And Sustainability [SocketSite]
∙ Two Big Tests For San Francisco’s New Board Of Supervisors [SocketSite]
Development Agreement Ordinance: Parkmerced [sfbos.org]