Location: San Francisco, California
Developer: Tishman Speyer
Partners: Tenderloin Neighborhood Development Corporation (TNDC)
1400 Mission Street is a 190-unit family-oriented housing development providing middle-income homeownership opportunities in central San Francisco, strategically located near transit in the city’s MidMarket district. The area is currently being revitalized, and 1400 Mission is contributing to that effort through its creation of more than 5,000 square feet of retail and landscaping. The development will not only offer affordable residential space, but also increase the walkability of the neighborhood and desirability of the streetscape. 1400 Mission was built using high-quality, sustainable construction materials and is outfitted with energy efficient, sustainable features. Features like solar PV cells and cool roofs lower operating costs and save residents money.
1400 Mission was developed by Tishman Speyer as an off-site inclusionary housing component of Lumina, their luxury condo development in San Francisco. The vast majority of the units are affordable to the local workforce (167), targeting families earning up to4 90% of AMI, with the remaining units offered at moderate rates that target families earning up to 150% of AMI. The building also offers very low HOA fees for the area. It was developed through an innovative partnership between Tishman Speyer, a market rate developer, and Tenderloin Neighborhood Development Corporation (TNDC), a non-profit housing organization. TNDC made 1400 Mission possible by assisting Tishman with land assembly and entitlement process. The project was financially feasible largely because of the revenue generated by the market-rate Lumina development, as well as the savings in in-lieu fees associated with creating an affordable project.