SAN FRANCISCO-The San Francisco board of supervisors last week approved a $150-million plan to develop a new city office building and 400 units of affordable housing at 10th and Market streets.

The Citizens Housing Corp. and Tenderloin Neighborhood Development Corp. own the 2.8-acre site. They are working on the project in partnership with Myers Development Co. The TNDC says it acquired the site in a “bargain sale” from the Bank of America. The purchase price was $4.5 million.

Terms of the transaction have TNDC selling the site to the city for $7.9 million and selling the completed office building to the city for a guaranteed maximum price of $143.2 million. Included in that price are $3.9 million in predevelopment and entitlement costs and a $5.8-million fee to the developer. The money will come from the city’s general fund.

In addition to the office space and apartments, the development will include underground parking, a public art plaza, a child-care center, ground-floor retail and public open space The office and retail portion of the development will be used to underwrite the two-phase multifamily component.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.