The ground has formally been broken for 120 affordable apartments to rise on Transbay Block 7 (a.k.a. 255 Fremont), behind the new 32-story tower dubbed Solaire on Transbay Block 6 (a.k.a. 299 Fremont), between Fremont and Beale.
Originally slated for an 85-unit building, the structural design for 255 Fremont was changed from primarily wood to steel, allowing Mercy Housing to build 3 stories higher, add 35 units and reduce the projected per unit costs through greater economies of scale.
The projected cost per unit for the 120-unit 255 Fremont Street project will be $503,703, or $288,402 per bedroom (which doesn’t account for the value of the land but does include $2.5 million in development fees for Mercy).
And when completed in early 2018, the apartments will be rented to households earning between 50 and 60 percent of the Area Median Income.