TMG, Related join nonprofit builders to overhaul S.F. projects
San Francisco Business Times
J. K. Dineen
In a potential $1 billion investment into some of San Francisco ‘s most downtrodden neighborhoods, developers — including TMG Partners and the Related Cos. — are teaming up with nonprofit builders to rebuild and expand three public housing projects.
The program, dubbed Hope SF, calls for replacing some 1,500 units of existing public housing at three developments: Sunnydale, Westside Court in Western Addition and Potrero Hill. In addition to replacing the existing housing, densities at the three projects would be doubled with another 1,500 market-rate condos and affordable rental units.
In the largest of the proposed redevelopments, Related of California, an affiliate of New York-based Related Cos., would team up with Mercy Housing to build 1,498 units in Visitation Valley ‘s distressed Sunnydale development. Under the $400 million proposal, Related and Mercy would build 1,070 public housing and affordable rental units, as well as 428 affordable and market-rate condos. In Potrero Hill, Bridge Housing Corp., together with its for-profit arm Bridge Infill Land Development, would construct 805 public housing and affordable rental units, as well as 446 affordable and market-rate condos, also about a $400 million investment. At the 136-unit Westside Court in Western Addition, EM Johnson Interest and TMG Partners are proposing to replace 136 units of public housing and add another 80 to 100.
A fourth project, John Stewart Co.‘s $350 million redevelopment of the Hunters View project in Hunters Point, was proposed two years ago and is currently before the Planning Commission.