Market-Octavia Development is Approved

Supervisors Approve the plan that will create new condo's and affordable housing in the area between the Castro and Market/Van Ness.

After nearly eight years in the planning process, the San Francisco Board of Supervisors recently approved the Market-Octavia plan, which will bring thousands of new housing units to the upper Market area.

Whats the Plan

• 6,000 units of new housing concentrated along Octavia Boulevard and the Market/Van Ness intersection.
• $85 million in funding for infrastructure including new open space, streetscape improvements and transportation improvements.
• 1,500 additional affordable units and $50 million in new funding sources.
• Preservation of neighborhood character
• 900 units of housing and affordable housing along the former Central Freeway right of way.

The plan involved a major zoning change that will allow developers to construct 40-story towers on some parcels near Van Ness Avenue and Market Street. The plan also requires developers to sell or rent 25% of the new units at below-market rates and imposes fees that could bring up to $50 million for an affordable housing fund.

Howard Bell
www.yourpropertypath.com
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