In one final showdown, SoMa's $1 billion 5M development went head-to-head with its opponents at a Board of Supervisors hearing that ended in the project's approval. Detractors testified for several hours about their concerns, which included soaring rents and the loss of the neighborhood's Filipino community to displacement. The community benefits of the project—like funds for Bessie Carmichael School and the Gene Friend Recreation Center—and its 40 percent below-market-rate housing balance pushed the vote in 5M's favor with a final 8-3 tally. 5M will have more affordable housing built on private land than any other development in San Francisco's history.
5M does have the potential to change the area around Fifth and Mission where it will one day stand. It will include an office complex, a 400-unit condominium tower, and a 288-unit rental building. 5M will also provide funding for an 83-unit affordable senior project to its west and a 103-unit Tenderloin building that's affordable for families. Developer Forest City—the same group behind the mega-project at Pier 70—is working with the Hearst Corporation on 5M. Now that all approvals are in place, construction is expected to begin in about a year.
· SF Supervisors Okay 5M Redevelopment Project South of Market [SFGate]
· SoMa's 5M Makes a Deal for 40 Percent Affordable Housing [Curbed SF]
· Previous Coverage of 5M [Curbed SF]