Veritas Proposes 18-Story Tower In San Francisco's Tenderloin
Veritas submitted a proposal to develop an 18-story residential building in San Francisco’s Tenderloin district, replacing a vacant retail building and parking lot on the site. The proposed building would sit adjacent to another multifamily property the company owns at 57 Taylor St.
The lot where the proposed building would be developed spans just under 19K SF from 105 to 111 Turk St., according to the San Francisco Business Times. An affiliate of Veritas purchased the property from Mosser Capital Management in 2017 for $25.5M.
Developers have been keen to bring new developments to the Tenderloin, but the process has been slow. A project planned for affordable housing at 841 Polk St. hit a roadblock earlier this year.
Forge Development Partners began leasing on TL Residences, a 240-micro-unit property in the area earlier this year. The property offers 31 units at below market-rate incomes, while an additional 94 units are available for incomes ranging between $75K and $80K annually.
The Tenderloin Veritas project is estimated to cost $30M, with a 24-month construction period, and would include 116 units ranging from studios to four-bedrooms.
Veritas recently purchased a market-rate property in San Francisco's Russian Hill district for $33M through an affiliate, The Real Deal reported. The company also picked up an 18-unit property in the city's Marina district for $13M, The Registry reported.
But the company has seen controversy around San Francisco development in recent years.
The company was sued in 2018 by more than 70 tenants in 30 properties. The suit claimed the company was attempting to drive out long-term and rent-controlled tenants by illegally harassing them with unscheduled repairs or upgrades to units while ignoring necessary repairs, exploiting a loophole in rent control and passing on the expenses of repairs to tenants. Veritas has denied the allegations.