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After adding a sizable chunk of affordable housing, the 5M project in SoMa (shown above) and 75 Howard residential project off the Embarcadero received approval from San Francisco's Board of Supervisors.
Forest City Enterprises and landowner Hearst Corp added more apartments for middle-income residents to 5M between Mission and Howard streets so that 40% of housing will be affordable. The project has 688 residential units, with 601 market-rate units and 87 units onsite for middle-income housing. The plan also includes funding for 52 below-market-rate family units and 19 units for formerly homeless families at 168 Eddy St., plus a land dedication and funding for 83 units of senior housing on the same block. The project also will include more than 807k SF of new and renovated office space and about 35k SF of retail and other ground-floor uses.
Paramount Group's 75 Howard, a 220-foot, 130-unit condo development, will contribute $15.7M for affordable housing—enough to help the city build about 38 units for people making about half the city's median income. [SFBT]
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