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SAN FRANCISCO-Work began this week on a 341-unit residential-over-retail development that will cover two acres at the foot of Powell Street, where the cable car line ends near Fisherman’s Wharf.

As part of the $102 million North Beach Place project will replace 229 units of public housing, 115 units in the new 15-building project will be made available to families making up to 55% of the Bay Area’s median income. A Trader Joe’s market and other smaller retail outlets will fill the retail space. Childcare, a community center and business incubator space will also be part of the development.

Part of the funding for the project, which is expected to be completed in late 2004, comes from federal and local governments. Roughly $23 million is from the U.S. Housing and Urban Development Department’s HOPE VI fund, while San Francisco has made a long-term loan of $10 million. A combination of bank loans and tax-credit packages pays for the rest.

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