We just got our hands on some exclusive renderings of a brand-new micro-unit project landing in SoMa—which is why we are also super excited to host our Bay Area Multifamily Heatin' Up event Oct. 15 at Hotel Kabuki, starting at 7:30am.
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Panoramic Interests developer Patrick Kennedy just sent us renderings of 333 12th in SoMa, which will be called CITYSPACES 333. He submitted plans to the city and is in the midst of the PPA (Preliminary Project Application and Evaluation) with the planning department. He's requesting a Density Bonus, which may be the first market rate project to request such additional units in S.F., he says. He's aiming to have 30% of the project affordable.
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The high cost of housing is probably the single biggest issue of concern in the Bay Area today, he says, and he’s trying to bring down the cost of entry-level rental housing with these micro apartments. The new 250-plus unit project will be comprised of two- and four-bedroom micro-apartments, ranging in size from 400 SF to 635 SF.
It's just half a mile away from his finished 9th and Mission project, which debuted this summer. (Here's Patrick at the site during construction.) The CITYSPACES 333 project currently houses Ryan Construction, a parcel that sits between Norfolk and 12th streets right near the 101. Hear more at Bisnow's Bay Area Multifamily Heatin' Up event Oct. 15 at Hotel Kabuki, starting at 7:30am. Sign up here.
Moments ago, Patrick gave a presentation about micro-units at ULI. The panel focused on providing housing for all, and Related CEO Bill Witte (far right) brought up some interesting points. When mixing affordable with market rate housing—especially in high-cost locations and cities—the key is using creative financing. Initiatives, at least in California, have to come at the local level, he adds.
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