As we first reported earlier this year:
According to a draft Fiscal Responsibility report for the massive Balboa Reservoir project, the projected $560 million development, a total which doesn’t include the price of the land or community benefits which have yet to be negotiated, could break ground “as early as 2021,” which is right in line with our original projection.
As such, the first wave of the development’s proposed 1,100-ish residential units could be ready for occupancy as early as 2023 with a second wave following two years later, “depending on market conditions.”
And of the 1,100-ish units, fifty (50) percent are slated to be offered at below market rates (i.e., “affordable”) to households with income limits ranging from 55 to 120 percent of the area median as broken down below:
The current Area Median Income (AMI) in San Francisco is around $81,000 for an individual and $92,000 for a household of two.
And once again, the current plans include off-street parking for over 1,000 cars with 500 spaces within a shared public garage, adjacent to CCSF’s proposed Performing Arts Center project.
With the preparation of a required Environmental Impact Report for the project about to get underway, the projected timeline has been refined. And while site prep, such as grading, excavation and infrastructure work, could commence in 2021, the first phase of building isn’t likely to commence before 2022, at the earliest, and be ready for occupancy in the second half of 2024, after which the building of Phase 2 could commence and would be ready for occupancy 30 months later.