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First Privately Funded Workforce Housing Set to Break Ground

The two buildings of TL 361 located at 361 Turk and 145 Leavenworth streets will be San Francisco’s first privately owned and financed buildings that offer means-tested rent controls for workforce housing.

361 Turk TL 361 will consist of 240 micro-units in two eight-story standalone buildings, including 361 Turk.

SAN FRANCISCO—The partnership of Forge Development Partners and Bridge Investment Group will break ground on the first newly constructed privately funded workforce housing development in the city. The groundbreaking ceremony will be held tomorrow from 3:00 to 5:00 p.m. at 145 Leavenworth.

A Freddie Mac Multifamily unfunded forward commitment, which includes a Preservation of Affordable Rents Covenant agreement, will provide permanent financing for the development called TL 361. The partners will deliver new housing stock affordable to the workforce in the urban core, with a minimum of 51% of units to be rented to those earning a maximum of 80% of the FHFA area median income.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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