As designed by Paulett Taggart Architects and Studio Vara for Mercy Housing, the proposed development to rise up to 74 feet in height, not including its parapets, on the western half of Mission Bay South Block 6, along Merrimac Street, between China Basin and Mission Bay Boulevard North, will yield 152 units of affordable housing for low-income families, including 38 apartments which are to be set aside for households relocating from HOPE SF public housing sites which are to be redeveloped.
The project’s proposed mass has been broken down into four distinct “wings,” the tallest of which would front China Basin Street and overlook the new Mission Bay Kids’ Park, with a childcare center for around 45 kids on the ground floor.
The wing fronting Mission Bay Boulevard, which would overlook the future Mission Bay Commons, features a series of angled bays designed to create “a serrated ribbon effect” and a ground floor arts and activities space which is slated to be leased to Blue Bear School of Music.
And a four-story wing with stacked flats and stoops would line a mid-block pedestrian mews.
The 152 apartments, over 70 percent of which will have at least two bedrooms, will be made available to households making up to 60 percent of the Area Median Income (AMI).
The development also includes a 28-space garage with its entrance on Merrimac, with a parking ratio of 0.2 spaces per unit which is intended “to balance parking availability and project financial feasibility.”
And assuming the plans for Mission Bay South Block 6W are approved as proposed, Mercy is planning to apply for financing by the end of the year and start construction in the first half of 2019, finishing in mid-2021.
The financing for the development is now on track to be secured by February of 2019, with construction expected to commence within 30 days of its closing and the building, which will be known as 691 China Basin Street, to be completed by December of 2020.
And with a total projected project cost of roughly $115 million, including both hard and soft costs, call it $756,579 per dwelling unit, roughly $391,156 per bedroom (counting the ten studios as ones), or $614 per gross square foot for the development overall.