While the General amendments for the Market-Octavia Neighborhood Plan were approved in October, the pivotal rezoning has finally caught up.
The zoning allows developers to construct buildings that pack more residential units into a project, including boosting tower heights from 20 stories to 40 stories on some parcels near the intersection of Van Ness Avenue and Market Street.
The entire package has now been approved by the Board of Supervisors and an estimated 6,000 new housing units could follow. A few details related to said development according to the Chronicle:
As it now stands, the plan requires developers to sell or rent 25 percent of the units they build at below-market rates and imposes fees on developers that could amount to $50 million for an affordable-housing fund.
Forty percent of the new housing in some parts of the rezoning area must be two-bedroom units and parking for all new projects in the neighborhoods has been reduced from one space per housing unit to one space per two units.
UPDATE: From a plugged in reader: “[T]he M&O plan does NOT require 25% BMR. That was incorrectly reported by the [Chronicle]. The plan does not increase the required BMR percentage at all. It does levy additional impact fees for a whole host of public benefits (in exchange for increasing density, heights, etc.), some of which will go toward affordable housing. Big difference.”