Developers Propose 755-Unit Residential Project In San Francisco
A partnership between the Strada Investment Group and McCormack Baron Salazar wants to build a 755-unit residential development in San Francisco, replacing the Plaza East, a 193-unit complex in the city’s Western Addition neighborhood.
The companies aim to build four or five buildings at 1300 Buchanan St., in a development that would contain a wide range of mixed-income housing, according to the San Francisco Business Times.
The developers plan to stagger construction in several phases “to reduce relocation impacts,” according to the planning application.
The application also states that “new homes for existing Plaza East residents will be included in each of the 4-5 buildings.” The existing Plaza East properties would be demolished and replaced with the new structures.
The property will provide a mix of townhomes and apartment units, with 270 of the units dedicated to market-rate housing, while 292 units will be available as tax-credit units for households earning between 30% and 60% of the area median income.
This proposed development adds to the city’s extensive development pipeline. The city’s long permit approval times have attracted the attention of the California Department of Housing and Community Development, which recently launched an investigation into why the city’s construction planning and approval process is much slower than other metros.
