The building boom is reaching its fingers into the Tenderloin, as big wheel local developers Shorenstein Properties last week got a thumbs up from the Planning Commission to move ahead with their over two-year-old proposal for 300+ condos at 1066 Market Street.
Despite the Market Street address, the proposed $86 million, 12-story building (Shorenstein's original plan called for 14 stories) would mostly be situated around the corner of Golden Gate Avenues and Jones Streets, more or less the front stoop of the Tenderloin. The Tenderloin’s kid brother neighborhood Mid-Market has become a favorite for developers in recent years, thanks in no small part to Shorenstein, whose late CEO Doug Shorenstein put Twitter onto Market Street.
But big development in the Tenderloin itself is comparably rare. Though the Shorenstein family name has been synonymous with building in San Francisco for decades, 1066 Market would be their first residential property. "They intend to hold onto it forever," a spokesperson told the Chronicle.
The proposal is for 268 market-rate units, with an additional 36 affordable units (within the price range of people making 55 percent of the median income).
Shorenstein brought in Miami’s Arquitectonica and local design firm Aetypic (the same people behind the shipping container offices at Campsyte) on the project, and the design is typical of Arquitectonica’s "hulking cubes" style.
All told, it’s a pretty standard project for San Francisco in 2016. The thing that makes it stand out is, well, it’s the Tenderloin. Opponents like the the Tenderloin Neighborhood Development Corporation, a BMR-only developer, complain that 36 affordable units is simply not enough, and point out that almost no one currently living in the neighborhood can actually afford those affordable leases.
Last week’s 5-2 vote sends 1066 Market Street into the home stretch, but Board of Supervisors approval will probably be needed before the deal is a lock.
- Renderings Revealed For 1066 Market [Curbed SF]
- Executive summary, March 17 hearing [SF Planning]
- What Did Shorenstein Have That Tech Billionaires Don't? [SF Weekly]
- Firm Says, Heck With Buildings, Give Us Offices [Curbed SF]
- Shorenstein Gets OK for Housing [Chronicle]