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Shorenstein Residential has received the San Francisco Planning Commission’s approval to start work on a 304-unit housing development in the Tenderloin.
The company's first residential project will sit on the intersection of Jones Street and Golden Gate Avenue. The property will get its address, 1066 Market, from a small portion of the project that touches Market Street, according to the San Francisco Business Times. Of the 304 units, 36, or 12% (the minimum required by law), will be below market rate.
Not all were happy with the announcement. Alexandra Goldman, planning manager for the Tenderloin Neighborhood Development Corp, says her organization can’t support a development with so few affordable units.
Shorenstein managing director Meg Spriggs says the company is willing to wait for regulatory guidance and "let the government tell us where we need to be." [SFBT]
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