Market Rate Project at 16th and South Van Ness Going Fully Affordable
A former gas station on the corner of 16th Street and South Van Ness Avenue that was supposed to have market rate condos will now be all affordable housing. Mayor Ed Lee and District Supervisor David Campos made the announcement. The 72-unit project at 490 S Van Ness originally included just 12 affordable housing units. The project was teed up to break ground this year, but this twist means the city will buy the land from JCN Developers for $18.5M and then the project will go up for bid.
This comes as the Mission's influx of rich residents has caused developers to push for more market rate housing, but there's been big backlash this year. In June the Board of Supervisors rejected the proposed market rate housing moratorium in the Mission, pleasing housing developers like Patrick Kennedy (here at a recent Bisnow event). Now, however, the moratorium could qualify for the November ballot, as signatures were turned in for review this week.
