Mayor Edwin M. Lee has introduced an $18.5 million purchase and sale agreement to the Board of Supervisors to allow the city to acquire a previously entitled market-rate parcel at 490 South Van Ness Avenue at 16th Street in the Mission District to convert the site to permanently affordable family rental housing.
The city plans to construct a 90,947 square foot, 7-story affordable housing development with ground floor retail and at least 72 family-sized permanently affordable housing rental apartments.
“This represents another victory for the people of the Mission who have called upon the City to prioritize the limited land left in the Mission for affordable housing,” said Supervisor David Campos. “I want to thank the mayor for purchasing this site and look forward to continuing to work with him to secure additional sites so we can truly preserve the diversity of people and families in this neighborhood.”
Said Mayor Ed Lee: “We must build more housing and stabilize the Mission where two-thirds of residents are low and moderate income families.”
“The Mission is the center of Latino culture in the Bay Area and remains one of our city’s most beloved neighborhoods. The dedicated $50 million investment to The Mission from our proposed $310 million affordable housing bond that won’t raise property taxes, will help us deliver on our aggressive housing goals,” said Mayor Lee.
“It will also help stop displacement of long-time tenants and increase the supply of affordable housing in the neighborhood by acquiring buildings for affordable housing, such as 490 South Van Ness,” said Lee.
Located near the intersection of South Van Ness Avenue and 16th Street, the parcel offers an affordable housing opportunity in a City neighborhood significantly impacted by market rate forces. A former gas station that has completed environmental remediation and was entitled by the Planning Commission in October 2014 would be purchased from JCN Developers, represented by Shamrock Realty.
The Board of Supervisors’ consideration of the purchase will occur on July 28th, with the acquisition closing expected 30 days later.