The resolution approves a 75-year ground lease for city-owned property to Casa Adelante SVN Housing, L.P. to build a 168-unit affordable housing development for low-income households. It also confirms that the project aligns with city planning policies and allows for necessary actions to finalize the lease.
Resolution 1) approving and authorizing the Director of Property and Director of the Mayor’s Office of Housing and Community Development (“MOHCD”) to enter into a Ground Lease for real property owned by the City located at 1515 South Van Ness Avenue, 3251-3255 26th Street, and 1214 Shotwell Street (“Property”) with Casa Adelante SVN Housing, L.P. for a lease term of 75 years and one 24-year option to extend and an annual base rent of $15,000 (“Ground Lease”) in order to construct a 168-unit (including one manager’s unit) multifamily rental housing development affordable to low-income households and including community-serving commercial space (the “Project”); 2) adopting findings that the Project and proposed transactions are consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1; 3) determining that the less than market rent payable under the Ground Lease will serve a public purpose by providing affordable housing for low-income households in need, in accordance with Administrative Code, Section 23.30; and 4) authorizing the Director of Property and the Director of MOHCD to execute the Ground Lease, and make certain modifications and take certain actions in furtherance of this Resolution, as defined herein.
How it got here
This legislation originated from the City's initiative to develop affordable housing on a property acquired for that purpose.
The Planning Department completed a General Plan Referral for the acquisition of 1515 South Van Ness Avenue for a 100% affordable housing project, confirming its consistency with the General Plan.
MOHCD issued a Request for Qualifications to solicit developers for the affordable housing project on the property.
The Planning Department approved the project for ministerial approval under AB 2162, confirming it met all standards of the Planning Code.
The Board declared the property as Exempt Surplus Land, affirming its use for 100% affordable housing.
The Board adopted the resolution approving the Ground Lease with Casa Adelante SVN Housing, L.P. for the development of 168 affordable housing units.
Reconstructed from attached documents & the official record