Administration Realty West 0

Support to redevelop underutilized lots for housing in SoMa

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We at Golden Properties, LLC, are working on a project redevelop the underutilized lots located at the corner of Russ and Folsom Street (the “Site”). The Site currently includes a surface parking lot and 4 buildings with four two-bedroom residential units, some ground floor retail, ground floor tenant storage, and other commercial uses. The project would demolish these existing structures and replace them with a new mixed-use building that would provide 63 residential units that include 15 affordable units and three new retail spaces (the “Project”). The tenants at the existing dwelling units are being offered replacement rent-controlled units at the new building and will be provided with relocation assistance and temporary housing while the Project is under construction. Including the replacement rent-controlled units, 28% of the Project’s 63 units will be affordable units. The Project sponsor will offer to provide $150,000 to fund an economic development and security program (that will extend the funding when a program allocated by the Board of Supervisor ends) at the Victoria Manalo Draves Park, which is located across Folsom Street from the Project Site. On December 20th, 2018, the Planning Commission will be considering approval of the Project.

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