The building permits have been issued, and next week San Francisco’s Board of Supervisors is slated to approve the 99-year ground lease for the five-story “Phelan Loop Housing” development to be built at 1100 Ocean Avenue.
A partnership between the Mayor’s Office of Housing and the Bernal Heights Neighborhood Center, the project will yield 71 below market rate units, 21 of which are intended for occupancy by young adults transitioning out of foster care with the other 50 units intended for households earning less than 50% of the area median income.
Assuming the lease is approved and the ground is broken within the next month or two, the project should be completed by the end of 2014 along with a new Phelan Loop Public Plaza adjacent to the building.
∙ The Designs (And Approvals) For 1100 Ocean Avenue As Proposed [SocketSite]
Nice! Where did the money come from?
I wonder if the city will stop any sales of these for market rates like they failed to do during the housing boom. At any rate, I don’t think the building will look that good when the 99 year lease is up.
The funny thing is that even many BMR units in SF are still financially out of reach for the intended buyers. I wonder how much these will rent or sell for?