A 75-year ground lease for the eastern half of Mission Bay Block 3 which fronts Third Street, between Mission Rock and Long Bridge, is slated to be approved next week. Financing is expected to be funded next month. And the construction of a five-story building with 119 below market rate (BMR) apartments to rise at 1150 Third Street is expected to commence as soon as the funds are secured.
As designed by Leddy Maytum Stacy Architects for the Chinatown Community Development Center and Swords to Plowshares, the project will provide a mix of 62 studios and one-bedrooms for formerly homeless veterans and 57 units (a mix of one, two and three-bedroom units) for low-income families earning up to 60 percent of the area median income, with on-site supportive services, a landscaped central courtyard and a garage for 24 cars and 72 bikes.
The apartments will range in size from 371 net square feet for the smallest studio to 1,050 square feet for the largest three-bedroom. And the development will cost a budgeted $80.2 million to build, which doesn’t include an accounting for the value of the land which will effectively be leased at a base rent of $15,000 per year but does include a $3.5 million fee for the development team.
And if all goes as planned, the building should be ready for occupancy by November 2019.