1400 MISSION in San Francisco (18/58)

1400 MISSION in San Francisco (18/58)

1400 MISSION STREET, SAN FRANCISCO, CA 94103

Architect : PERRY ARCHITECTS, INC.

Developer : Tishman Speyer’ / Swinerton Builders

Owner Tishman Speyer’s desire to keep the 656 unit Lumina condominium complex an exclusive luxury residency spawned a need to fulfill their affordable housing requirement through an offsite location. The company met this obligation by providing financing to Tenderloin Neighborhood Development Corporation’s 1400 Mission affordable housing project. With this financing and a $46 million cash loan from Ullico, the project broke ground last winter and today builder Swinerton is making considerable progress on the future 15 story tower. A onsite tour showed the reinforced concrete building rising to 10 floors and work recently started on the exterior windows and facade. Latest renderings by Brand + Allen Architect show the completed building to have an understated design with a clean simple exterior.

167 of the building’s 190 units will satisfy Tishman Speyer’s affordability obligation (25% of 656) and be reserved for those making an average 90% of the area median income (AMI). 20 units will be for those making 150% of AMI, and the remaining three will have a variable AMI limit governed by Planning Code Section 415.

1400 Mission St.

San Francisco, 94103

Units: 167

Estimated price: $225,000 – $327,000

90 – 100% AMI

Available

Available in 2015

Area median income for pricing unit: 90% of Area Median Income (AMI)

Area median income for qualifying for unit: 100% of Area Median Income (AMI)

Sales price:

167 BMR Units4 – Studios starting from: $225,105 – $225,74952 –

One-bedrooms starting from: $268,117 – $268,97694 –

Two-bedrooms starting from: $300,151 – $302,65917 –

Three-bedrooms starting from: $327,254 – $327,577

Number of bedrooms: Studio, One-bedroom, two-bedroom and three-bedroom condominiums. Households must be as many people (or more) as number of bedrooms in the unit to apply.

Number of bathrooms: One- and two- baths depending on condominium size

Home average square footage range from: Studios – 631-649 sq. ft.; One-bedroom – 631-655 sq. ft.; Two-bedrooms – 904-974 sq. ft.; and Three-bedrooms – 1415-1424 sq. ft.

Appliances: Range/oven, dishwasher, refrigerator, microwave, washer/dryer included.

Amenities: 2nd floor courtyard with children’s play area and 11th floor roof terrace, dual elevators, double-height resident Lobby, multipurpose room with bicycle storage, keycard access system, energy efficient building following Green Point standards. Rooftop solar panels.

Parking: Leased parking will be offered independently on a first come-first serve basis. As parking is very limited.

Monthly homeowner dues: HOA dues range from $335 – $501 per month, depending on condominium size. HOA dues cover: Water, trash removal, HOA & building insurance, reserves, common area maintenance, common electricity.Studios range from: $335.00-$338.75One-bedrooms range from: $335.00 – $340.00Two-bedrooms range from: $391.93 – $406.53Three-bedrooms range from: $498.51 – $500.39

Realtor commission

Are buyers’ realtors eligible for commission on these BMR units? No

The sales agent will act as a dual agent to both the buyers and seller.

Procedures manual

All potential buyers must review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual that governs this property. Buyers will sign an acknowledgement that they have read and understood this document when purchasing a BMR unit.

Re-pricing mechanism

A BMR unit will be resold at a restricted price to a household that meets the first‐time homebuyer and income qualifications for the program. Upon resale, the unit will be repriced based on the change in median income over time. Appreciation on the unit is not guaranteed; however, most long-term owners tend to see appreciation. Parking spaces will be resold with the unit within the maximum resale price. Please review the 2013 Inclusionary Affordable Housing Program Monitoring and Procedures Manual for specific information.