A 384-foot tower will bring hundreds of homes to San Francisco’s SoMa neighborhood near Downtown after city planners approved the project.
The building plans, which the city’s Planning Commission approved in June, say that the building would contain 524 homes in total, blocks from the Museum of Modern Art and the Yerba Buena Gardens and a 10-minute walk from Oracle Park.
Of the 524 units approved for the high-rise, 136 of them will be studios, 174 will be one-bedrooms and 214 will be two-bedrooms, plans say.
A city permit for the building lists construction costs at $200 million.
The building would include 84 affordable homes that would be available to rent for households earning between 50% and 110% of the Area Median Income (AMI). San Francisco’s citywide AMI for a one-person household is $100,850 annually.
Four units would have rents set for households earning 50% of the AMI, and 45 homes would be priced affordably for households earning 55% of the AMI. Seventeen homes would be priced for households earning 80% of the AMI, and 18 units would be priced for those earning 110% of the AMI.
The building would have parking for 240 bikes and 125 cars, plus a restaurant or retail space on the ground floor near the corner of Third and Harrison streets. The high-rise would also include two rooftop gardens as well as a playground, a yoga lawn and a barbecue area, plans say.
While the current plan has been approved, developer Strada Investment Group wants to change the proposal to change some of the planned two-bedroom units into one-bedroom homes to maximize profits, city filings say.
The city would need to separately approve the developer’s desired changes, according to Dan Sider, San Francisco Planning Department’s chief of staff.
The building’s breakdown of unit sizes in the approved plans is still open to change because the city would need to separately approve the developer’s request to focus on building more smaller units in the high-rise, according to Sider.
Strada Investment Group declined to comment.