Fresh plans for 100 homes, including 70 affordable homes, are planned for the city’s Bayview neighborhood—and the developer is using private fundraising in the hopes of getting them built faster.
Permit filings say the seven-story apartment building would rise 65 feet and include 17 studios, 37 one-bedrooms apartments, 21 two-bedrooms and 25 three-bedrooms.
The project at 5250 Third St. would include laundry facilities and storage for 100 bicycles, with more than 2,000 square feet of ground-level open space as well as a 3,700 square-foot roof deck.
The building would be located one block from a stop serving the K and T Muni lines, and a few blocks away from the Dr. Charles R. Drew Elementary School and the Leola M. Havard Early Education School.
Also nearby is the Florence Fang Community Farm and the Bayview-Hunters Point YMCA, as well as a number of cafes and restaurants.
Plans say the affordable units are built with “middle-income tenants” in mind, such as teachers, but doesn’t specify what each of the units would rent for.
Because the project will likely qualify for the city’s density bonus program, a minimum of 10 homes will have their rent set at 55% of the Area Median Income, 10 will rent for 80% of the AMI and 10 will rent for 110% of the AMI, according to planning documents.
Property records say the land was bought for $3 million in 2020, and filings with the Planning Department say the development will cost more than $17 million to build.
The site currently consists of six vacant lots except for a double-sided billboard, which would be removed for the development.
The project’s developer is The Affordability Project, a nonprofit that says it is dedicated to building affordable housing without relying on government funding, a move meant to preempt red tape that can slow down housing construction, project founder Joey Toboni told The San Francisco Chronicle in June.
Toboni is also the managing principal of the Toboni Group, and focuses on building single-family homes at the for-profit construction company, although he insists that his nonprofit is separate from his other work.
The Affordability Project was contacted for comment.