The City and County of San Francisco authorized a ground lease for 1515 South Van Ness Avenue, 3251-3255 26th Street, and 1214 Shotwell Street to Casa Adelante SVN Housing, L.P. for the development of a 168-unit affordable housing project. This 75-year lease, with a 24-year extension option, was approved with an annual base rent of $15,000. The project, developed by Mission Economic Development Agency (MEDA) and Chinatown Community Development Center (CCDC), aims to provide affordable housing for low-income households, with all residential units reserved for households earning up to 80% of the area median income (AMI). The development also includes community-serving commercial spaces, enhancing the neighborhood’s accessibility to essential services.
This ground lease is a significant step in addressing San Francisco's affordable housing crisis by ensuring the development of much-needed housing for low-income families. It also supports the city’s broader goals of equitable urban development and community stability.