Related California’s winning bid to build a 56-story tower designed by architect Rem Koolhaas and the Office for Metropolitan Architecture (OMA) at the corner of Folsom and First, along with a Fougeron Architecture designed mid-rise along Folsom and Fremont, included a total of 653 residences, of which 177 were to be Below Market Rate (BMR).
But based on the market demand for larger units and a redesigned tower core, Related has cut 99 units from their Transbay Block 8 development plans, a cut which includes the loss of 27 BMR units.
The explanation from the City’s Office of Community Investment and Infrastructure which is slated to conditionally approve Related’s revised plans today:
“As the building design progressed the Development Team enlarged the tower building core for the adequate number of elevators and increased the size of the core walls due to load requirements. The Development Team also studied the market and learned that the market demand is for unit sizes larger than originally proposed. As a result, the total number of units has declined from 653 to 554.”
And as the total number of units has declined from 653 to 554, the number of affordable units the development will include has declined as well (from 177 to 150), “but remains at 27% of the total.”
The redesigned plan for the Transbay Block 8 Tower now includes 124 market-rate condominiums (down from 162) across the top 23 stories of the tower, with 280 market-rate rentals (down from 314) on floors 8-31.
The project’s 150 below market rate rental units, which are earmarked for San Francisco residents earning up to 50 percent of the area median income, will be located in the tower’s podium (floors 1-8) and the adjacent mid-rise building.
Related has also reduced their previously proposed grocery store space by 45 percent, which means Whole Foods is out and the developer is now seeking a “comparable” type of grocery to fill the space.