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A stalled-out high-rise development in San Francisco from Related California is one step closer to moving forward, following an agreement between Related and San Francisco Supervisor Dean Preston, which would increase the height of the property in return for assistance with an affordable housing component on a nearby site.
The approved height of the property, at 98 Franklin St., is set at 365 feet. Per the new arrangement, Related’s tower would increase to 400 feet, allowing the developer to increase the unit count from 345 to 385, the San Francisco Chronicle reported.
In exchange, Related will purchase a property at 600 Van Ness Ave., and give it to the Mayor’s Office of Housing and Community Development to build 168 units in affordable housing. The agreement frees Related from having to pay $6.5M in fees.
Preston will introduce legislation on Tuesday to the Board of Supervisors detailing the agreement.
Related's mixed-use development was first approved in 2020, with initial plans to contain 7K SF of common area, 3K SF of retail and 84K SF for education, which will be occupied by the French American International School.
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