SAN FRANCISCO—The developer of a tower in San Francisco's Transbay redevelopment project may receive a variance to the city's affordable housing requirements and be allowed to pay cash rather than offer units in the development at below-market rates.
The website socketsite.com says the Jay Paul Company would pay $13.8 million into an affordable housing fund in order loosen the requirement for 11 low-cost units in the 74-unit development.
The project at 181 Fremont Street is expected to cost $71 million to develop. Under the Transbay redevelopment plan, developers with residential projects are required to set aside 15% of their units at below-market rates.
If the deal is approved by the Board of Supervisors, the condominiums atop the 800-foot tower are expected to sell for more than $2,000 per square foot. According to the report, the developer is willing to pay more than $1 million per unit to be able to sell all of the units at the highest possible market price.
Click socketsite to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
