Industrial Building to be Coverted to Low-Cost Housing

SAN FRANCISCO-The San Francisco Redevelopment Agency has acquired an industrial building in the Third Street district from steel manufacturer Kortick Manufacturing.

According to the San Francisco Redevelopment Agency, the property was purchased for approximately $10 million and will be converted into a residential complex. The SFRA plans to sell the building to Bridge Housing Corp., a nonprofit developer that plans to convert it to very low and low-income rental and ownership housing units.

According to Bridge Housing, the property is located at 5600 Third St., between Armstrong and Bancroft and facing Bayview Park. The 137,000-sf building will be converted to 252 residential units and 12,000-sf of retail space. The company would not comment on how much it will pay for the site.

Scott Mason of HC&M represented Kortick in the deal, while Gary Cohan of TRI Commercial represented both the Redevelopment Agency and Bridge Housing.